<SEC-DOCUMENT>0001528621-20-001644.txt : 20200810
<SEC-HEADER>0001528621-20-001644.hdr.sgml : 20200810
<ACCEPTANCE-DATETIME>20200810164620
ACCESSION NUMBER:		0001528621-20-001644
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20200531
FILED AS OF DATE:		20200810
DATE AS OF CHANGE:		20200810
EFFECTIVENESS DATE:		20200810

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		201090016

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20090630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore/Guggenheim Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20070605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20061113
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>ncsr.htm
<DESCRIPTION>GOF
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <div> &#160;
    <div style="margin-bottom: 6pt;">
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">UNITED STATES<br>
        SECURITIES AND EXCHANGE COMMISSION<br>
        Washington, D.C. 20549</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">FORM N-CSR</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</div>
      <div style="text-align: center; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Investment Company Act file number</font>&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';"><u>811-21982</u></font></div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><u>Guggenheim Strategic
          Opportunities Fund </u></div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(Exact name of
        registrant as specified in charter)</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><u> <br>
        </u></div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><u>227 West Monroe
          Street, Chicago, 60606&#160;<br>
        </u>(Address of principal executive offices) (Zip code)</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Amy J. Lee</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><u>227 West Monroe
          Street, Chicago, 60606&#160;<br>
        </u>(Name and address of agent for service)</div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br>
      </div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Registrant's telephone number, including area code:</font>&#160;<font style="font-family: 'Times New Roman'; font-size: 12pt;"><u> &#160; (312)
            827-0100</u></font></div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Date of fiscal year end: <u>&#160; May 31</u></div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Date of reporting period: <u>&#160; June 1, 2019 - May 31, 2020</u></div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 1.&#160; Reports to Stockholders.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;),
        is as follows:</div>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;"><img src="cef-gofar0520ex1x1.jpg"></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 18pt;">GUGGENHEIMINVESTMENTS.COM/GOF</div>
    <div style="margin-bottom: 6pt; font-size: 14pt;">... YOUR WINDOW TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div style="margin-bottom: 6pt;">The shareholder report you are reading right now is just the beginning of the story.</div>
    <div style="margin-bottom: 6pt;">Online at <font style="font-weight: bold;">guggenheiminvestments.com/gof</font>, you will find:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z809b250d98364c36b40f695e15b48a95">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Daily, weekly and monthly data on share prices, net asset values,&#160;distributions and more</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a5c42c75f2f416fbd5a92385a2978b6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Portfolio overviews and performance analyses</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4413c666bd274c9ba23b529ee81701ab">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Announcements, press releases and special notices</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7dca293722ee4de2adb4a89e514350d6">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">Fund and adviser contact information</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt;">Guggenheim Partners Investment Management, LLC and Guggenheim Funds Investment Advisors, LLC are continually updating and expanding shareholder information services on the Fund&#8217;s website in an ongoing effort to provide
      you with the most current information about how your Fund&#8217;s assets are managed and the results of our efforts. It is just one more small way we are working to keep you better informed about your investment in the Fund.</div>
    <div style="margin-bottom: 6pt;"><br>
      <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd5bafc19d40d406480c5e94216984e0d">

        <tr>
          <td style="width: 51.51%; vertical-align: middle;">&#160;</td>
          <td style="width: 48.49%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">(Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 48.49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">DEAR SHAREHOLDER</div>
    <div style="margin-bottom: 6pt;">We thank you for your investment in the Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;). This report covers the Fund&#8217;s performance for the 12-month period ended May 31, 2020. The period was marked by the emergence
      and spread of a novel and highly contagious form of coronavirus, producing a pandemic that caused a steeper plunge in output and employment in two months than during the first two years of the Great Depression.</div>
    <div style="margin-bottom: 6pt;">A recovery began in May 2020 as states began to reopen, but the subsequent rise in infections showed the difficulty in managing an economic recovery amid a pandemic. We expect the recovery could continue at an uneven
      pace as households, businesses, and governments gradually learn how to adapt. However, we do not expect a full recovery will be possible until a vaccine has been developed, tested, approved, produced, and administered across the globe. This process
      may take until mid-2021, or possibly longer. Even after a vaccine is deployed, the recovery could be sluggish due to the long-term damage being done to the economy. The surge in joblessness is damaging household balance sheets, and precautionary
      saving will further hold back the recovery in consumption.</div>
    <div style="margin-bottom: 6pt;">The impact of these events affected performance of the Fund for the period. To learn more about the Fund&#8217;s performance and investment strategy, we encourage you to read the Economic and Market Overview and the Questions
      &amp; Answers sections of this report, which begin on page 5. You&#8217;ll find information on Guggenheim&#8217;s investment philosophy, views on the economy and market environment, and detailed information about the factors that impacted the Fund&#8217;s performance.</div>
    <div style="margin-bottom: 6pt;">The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation. The Fund pursues a relative value-based investment philosophy. The Fund&#8217;s sub-adviser seeks
      to combine a credit-managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies.</div>
    <div style="margin-bottom: 6pt;">All Fund returns cited&#8212;whether based on net asset value (&#8220;NAV&#8221;) or market price&#8212;assume the reinvestment of all distributions. For the 12-month period ended May 31, 2020, the Fund provided a total return based on market
      price of -7.96% and a total return based on NAV of -2.79%. As of May 31, 2020, the Fund&#8217;s market price of $16.20 per share represented a premium of 5.95% to its NAV of $15.29 per share.</div>
    <div style="margin-bottom: 6pt;">Past performance is not a guarantee of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market price of the Fund&#8217;s shares fluctuates from
      time to time, and it may be higher or lower than the Fund&#8217;s NAV.</div>
    <div style="margin-bottom: 6pt;">From June 2019 through May 2020, the Fund paid a monthly distribution of $0.1821 per share. The latest distribution represents an annualized distribution rate of 13.49% based on the Fund&#8217;s closing market price of $16.20
      per share on May 31, 2020. The Fund&#8217;s distribution rate is not constant and the amount of distributions, when declared by the Fund&#8217;s Board of Trustees, is subject to change based on the performance of the Fund. Please see the Distributions to
      Shareholders &amp; Annualized Distribution Rate on page 24, and Note 2(f) on page 69 for more information on distributions for the period.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zadf096dd4e2945a5863e41312d8d699a">

        <tr>
          <td style="width: 70.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 29.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DEAR SHAREHOLDER (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 29.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Guggenheim Funds Investment Advisors, LLC (the &#8220;Adviser&#8221;) serves as the investment adviser to the Fund. Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221; or the &#8220;Sub-Adviser&#8221;) serves as the Fund&#8217;s investment
      sub-adviser and is responsible for the management of the Fund&#8217;s portfolio of investments. Each of the Adviser and the Sub-Adviser is an affiliate of Guggenheim Partners, LLC (&#8220;Guggenheim&#8221;), a global diversified financial services firm.</div>
    <div style="margin-bottom: 6pt;">We encourage shareholders to consider the opportunity to reinvest their distributions from the Fund through the Dividend Reinvestment Plan (&#8220;DRIP&#8221;), which is described in detail on page 107 of this report. When shares
      trade at a discount to NAV, the DRIP takes advantage of the discount by reinvesting the monthly dividend distribution in common shares of the Fund purchased in the market at a price less than NAV. Conversely, when the market price of the Fund&#8217;s
      common shares is at a premium above NAV, the DRIP reinvests participants&#8217; dividends in newly-issued common shares at the greater of NAV per share or 95% of the market price per share. The DRIP provides a cost-effective means to accumulate additional
      shares and enjoy the benefits of compounding returns over time. Since the Fund endeavors to maintain a stable monthly distribution, the DRIP effectively provides an income averaging technique which causes shareholders to accumulate a larger number of
      Fund shares when the market price is depressed than when the price is higher.</div>
    <div style="margin-bottom: 6pt;">We appreciate your investment and look forward to serving your investment needs in the future. For the most up-to-date information on your investment, please visit the Fund&#8217;s website at guggenheiminvestments.com/gof.</div>
    <div style="margin-bottom: 6pt;">Sincerely,<br>
      <br>
      <br>
      Guggenheim Funds Investment Advisors, LLC<br>
      <font style="font-style: italic;">Guggenheim Strategic Opportunities Fund</font><br>
      <br>
      <br>
      June 30, 2020</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4
      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za9b276f8c6a54c4d8e187d3918e50f15">

        <tr>
          <td style="width: 77.78%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.22%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">ECONOMIC AND MARKET OVERVIEW (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 22.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: right; margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Our recession forecasting tools pointed to a downturn beginning between the fourth quarter of 2019 and the second quarter of 2020, with a midpoint of February 2020. While we did not see a pandemic coming, it turns out
      that February was indeed the peak in the business cycle. What has unfolded since has been an economic shock of unprecedented scale and scope. COVID-19, one of the deadliest pandemics in a century, caused a steeper plunge in output and employment in
      two months than occurred during the first two years of the Great Depression. As COVID-19 spiraled into a global pandemic, risk assets traded down and corporate spreads widened to levels not seen since the financial crisis. During the first quarter of
      2020, the S&amp;P 500 Index and benchmark high yield, bank loan, and investment-grade indices declined by 19.60%, 12.68%, 13.19%, and 3.63%, respectively.</div>
    <div style="margin-bottom: 6pt;">In response to the crisis, the Federal Open Market Committee cut interest rates by 125 basis points in March and passed a series of stimulus programs. Among them were the Primary and Secondary Market Corporate Credit
      Facilities, which are lending programs primarily targeting investment-grade corporate bond issuers, implemented in concert with the U.S. Treasury. It was only after the announcement of this program that corporate credit found some relief from the
      selloff, and subsequent market performance, especially for stocks, has defied weak economic signals in the belief that policymakers will not allow companies to collapse under the weight of their substantial debt. For the 12 months ended May 31, 2020,
      the S&amp;P 500 Index returned 12.84%, and the Bloomberg Barclays U.S. Aggregate Bond Index returned 9.42%. As a result of the supportive policy response, the U.S. budget deficit is headed to its highest as a share of GDP since World War II, and the
      U.S. Federal Reserve&#8217;s (the &#8220;Fed&#8221;) balance sheet could exceed $9 trillion by the end of the year. But even this policy response cannot force consumers to spend or businesses to invest amid staggering uncertainty, and future rounds of fiscal stimulus
      will likely be needed.</div>
    <div style="margin-bottom: 6pt;">Many countries and all U.S. states are taking tentative steps to reopen their economies, which is supporting an uptick in economic activity. However, we do not expect a genuine recovery will be possible until a vaccine
      has been developed, tested, approved, produced, and administered across the globe. This process is likely to take 12&#8211;18 months, but possibly longer. In the meantime, keeping the infection rate in check will require social distancing measures that
      stymie economic activity. Given millions of identified cases today and limited testing capabilities, a premature reopening could mean another spike in infections.</div>
    <div style="margin-bottom: 6pt;">Joblessness has surged, with the fall in U.S. employment in April alone representing a 40 standard deviation shock, erasing all the job gains of the preceding 21 years. As personal, small business, and corporate
      bankruptcies mount, permanent damage is being done to the productive capacity of the economy, which will stunt the recovery in output and corporate profits. The road to recovery may have begun in May, but we would remind investors that it took nearly
      10 years for the unemployment rate to return to the cycle low seen in 2007, and the current shock appears to be several times more severe than the last financial crisis.</div>
    <div style="margin-bottom: 6pt;">We would also note that cracks were forming long before the current crisis. On July 31, 2019, the Fed announced its first rate cut since 2008 amid growing downside risks to policymakers&#8217; baseline growth and inflation
      forecasts. Key among these were slowing global growth, the threat of additional U.S.-China tariffs, and concerns over Brexit. The Fed went on to cut rates in September and December of 2019 as it sought to sustain the expansion.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z59b37b132f6b485198f9dbad96b788f0">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">Guggenheim Strategic Opportunities Fund (&#8220;Fund&#8221;) is managed by a team of seasoned professionals at Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;). This team includes B. Scott Minerd,
      Chairman of Guggenheim Investments and Global Chief Investment Officer; Anne B. Walsh, CFA, JD, Senior Managing Director and Chief Investment Officer, Fixed Income; Steven H. Brown, CFA, Senior Managing Director and Portfolio Manager; and Adam Bloch,
      Managing Director and Portfolio Manager. In the following interview, the investment team discusses the market environment and the Fund&#8217;s performance for the 12-month period ended May 31, 2020.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">What is the Fund&#8217;s investment objective and how is it pursued?</div>
    <div style="margin-bottom: 6pt;">The Fund seeks to maximize total return through a combination of current income and capital appreciation. The Fund pursues a relative value-based investment philosophy, which utilizes quantitative and qualitative
      analysis.</div>
    <div style="margin-bottom: 6pt;">The Fund seeks to combine a credit-managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies. The Fund seeks to achieve its investment objective by investing in a
      wide range of fixed-income and other debt and senior-equity securities (&#8220;Income Securities&#8221;) selected from a variety of credit qualities and sectors, including, but not limited to, corporate bonds, loans and loan participations, structured finance
      investments, U.S. government and agency securities, mezzanine and preferred securities and convertible securities, and in common stocks, limited liability company interests, trust certificates, and other equity investments (&#8220;Common Equity
      Securities&#8221;), exposure to which is obtained primarily by investing in exchange-traded funds (&#8220;ETFs&#8221;) that Guggenheim believes offer attractive yield and/or capital appreciation potential, including employing a strategy of writing (selling) covered
      call and put options on such equities. Guggenheim believes the volatility of the Fund can be reduced by diversifying across a large number of sectors and securities, some of which historically have not been highly correlated to one another.</div>
    <div style="margin-bottom: 6pt;">Under normal market conditions:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf55a5c1584104507bc9eb00e5546bf2a">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">The Fund may invest without limitation in fixed-income securities rated below investment grade&#160;(commonly referred to as &#8220;junk bonds&#8221;); the Fund may invest in below-investment grade income&#160;securities of any
                rating;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbfd834ab9cd4977a20a077a22652f3e">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">The Fund may invest up to 20% of its total assets in non-U.S. dollar denominated fixed-income&#160;securities of corporate and governmental issuers located outside the U.S., including up to 10% of&#160;total assets in
                fixed-income securities of issuers located in emerging markets;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54e97b3475f94bc49e1952c6aeb44abd">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">The Fund may invest up to 50% of its total assets in common equity securities, and the Fund may&#160;invest in ETFs or other investment funds that track equity market indices and/or through derivative&#160;instruments
                that replicate the economic characteristics of exposure to Common Equity Securities; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6
      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za0ee9c534bd54cd1be55681c752455bf">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d15f6b87a764324b0cac3680319bbca">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; margin-bottom: 6pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 6pt;">The Fund may invest up to 30% of its total assets in investment funds that primarily hold (directly or&#160;indirectly) investments in which the Fund may invest directly, of which amount up to 30% of the&#160;Fund&#8217;s
                total assets may be invested in investment funds that are registered as investment companies&#160;under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;) to the extent permitted by applicable law&#160;and related interpretations of the staff of the
                U.S. Securities and Exchange Commission.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 6pt;">Guggenheim&#8217;s process for determining whether to buy a security is a collaborative effort between various groups including: (i) economic research, which focus on key economic themes and trends, regional and
      country-specific analysis, and assessments of event-risk and policy impacts on asset prices, (ii) the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling tools to determine allocation of assets among a
      variety of sectors, (iii) its Sector Specialists, who are responsible for identifying investment opportunities in particular securities within these sectors, including the structuring of certain securities directly with the issuers or with investment
      banks and dealers involved in the origination of such securities, and (iv) portfolio managers, who determine which securities best fit the Fund based on the Fund&#8217;s investment objective and top-down sector allocations. In managing the Fund, Guggenheim
      uses a process for selecting securities for purchase and sale that is based on intensive credit research and involves extensive due diligence on each issuer, region and sector. Guggenheim also considers macroeconomic outlook and geopolitical issues.</div>
    <div style="margin-bottom: 6pt;">The Fund may use financial leverage to finance the purchase of additional securities. Although financial leverage may create an opportunity for increased return for shareholders, it also results in additional risks and
      can magnify the effect of any losses. There is no assurance that the strategy will be successful. If income and gains earned on securities purchased with the financial leverage proceeds are greater than the cost of the financial leverage, common
      shareholders&#8217; return will be greater than if financial leverage had not been used. Conversely, if the income or gains from the securities purchased with the proceeds of financial leverage are less than the cost of the financial leverage, common
      shareholders&#8217; return will be less than if financial leverage had not been used.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">How did the Fund perform for the 12 months ended May 31, 2020?</div>
    <div style="margin-bottom: 6pt;">All Fund returns cited&#8212;whether based on net asset value (&#8220;NAV&#8221;) or market price&#8212;assume the reinvestment of all distributions. For the 12-month period ended May 31, 2020, the Fund provided a total return based on market
      price of -7.96% and a total return based on NAV of -2.79%. As of May 31, 2020, the Fund&#8217;s market price of $16.20 per share represented a premium of 5.95% to its NAV of $15.29 per share. As of May 31, 2019, the Fund&#8217;s market price of $19.96 per share
      represented a premium of 11.45% to its NAV of $17.91 per share.</div>
    <div style="margin-bottom: 6pt;">Past performance is not a guarantee of future results. All NAV returns include the deduction of management fees, operating expenses, and all other Fund expenses. The market value of the Fund&#8217;s shares fluctuates from
      time to time and maybe higher or lower than the Fund&#8217;s NAV.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze9f20a50892342cdbd4ef884a657277c">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">What were the Fund&#8217;s distributions?</div>
    <div style="margin-bottom: 6pt;">From June 2019 through May 2020, the Fund paid a monthly distribution of $0.1821 per share. The latest distribution represents an annualized distribution rate of 13.49% based on the Fund&#8217;s closing market price of $16.20
      per share on May 31, 2020. The Fund&#8217;s distribution rate is not constant and the amount of distributions, when declared by the Fund&#8217;s Board of Trustees, is subject to change based on a variety of factors. Please see the Distributions to Shareholders
      &amp; Annualized Distribution Rate on page 24, and Note 2(f) on page 69 for more information on distributions for the period.</div>
    <div style="margin-bottom: 6pt;">For the year ended May 31, 2020, 60.6% of the distributions were characterized as return of capital and 39.4% of the distributions were characterized as ordinary income. The final determination of the tax character of
      the distributions paid by the Fund in 2020 will be reported to shareholders in January 2021.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">How did other markets perform in this environment for the 12-month period ended May 31, 2020?</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf2f020b4ab2f49faa5c82292410037ca">

        <tr>
          <td style="width: 81.82%; vertical-align: middle;">&#160;</td>
          <td style="width: 18.18%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total Return</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bloomberg Barclays U.S. Aggregate Bond Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.42%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.43%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bloomberg Barclays U.S. Corporate High Yield Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.32%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Credit Suisse Leveraged Loan Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">-3.35%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ICE Bank of America Merrill Lynch Asset Backed Security Master BBB-AA Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">-1.83%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>S&amp;P 500 Index&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12.84%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Discuss performance over the period.</div>
    <div style="margin-bottom: 6pt;">During the period, the Fund returned -2.79% based on NAV performance as spread widening outpaced the Fund&#8217;s carry and the positive impact from duration. Carry refers to the income received from portfolio investments
      over a defined period.</div>
    <div style="margin-bottom: 6pt;">As COVID-19 spiraled into a global pandemic, risk assets sold off sharply in the first quarter of 2020. U.S. unemployment claims surged to more than 40 million over a 10-week period, highlighting the tremendous and
      sudden disruption in the U.S. economy. The negative performance for the Fund was due to price declines seen across risk asset classes. Spreads on all credit assets, including those that we view as broadly credit loss remote, widened to levels not
      seen since the financial crisis. Default risk within the portfolio remains relatively low given the rigor of our underwriting and decision to allocate senior in the capital structure. Defensive positioning and the decision to de-lever the Fund in
      2019 helped limit the drawdown and afforded an opportunity to add credit exposure at historically wide levels.</div>
    <div style="margin-bottom: 6pt;">As spreads swung from cycle tights to near historical wide levels, the Fund unwound its credit protection on the Investment Grade Credit Default Swap (CDX) index, which had added to performance for the period. The Fund
      subsequently took advantage of the dislocations across</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8
      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z92a6b4aeda3a48959ace2d70cacd96c1">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">corporate credit markets to add both high yield and investment grade corporate exposure, and has continued to source opportunities at elevated spread levels.</div>
    <div style="margin-bottom: 6pt;">High yield corporate bonds added to performance as the Fund nearly doubled its allocation to 17.4% at period&#8217;s end to take advantage of market dislocations. High yield corporate index spreads widened more than 200 basis
      points over the period to end at 637 basis points on May 31, 2020. After beginning the year near cycle tights, high yield spreads spiked to a peak of 1,100 basis points on March 23, 2020, before retracing after the Fed announced that it would
      purchase an unlimited amount of Treasuries and mortgage-backed securities, and expand its facilities to include certain types of corporate and municipal debt in order to support the financial markets. Subsequent spread tightening reflected optimism
      that the aggressive monetary efforts by the Fed, coupled with $3.0 trillion fiscal spending approved by Congress, should help blunt the economic blow from COVID-19.</div>
    <div style="margin-bottom: 6pt;">Investment grade corporate bonds also added to performance as the Fund increased its allocation by 8 percentage points to 11.8% at period&#8217;s end to take advantage of historically wide spread levels. Since the start of
      the period, investment grade corporate spreads widened by 245 basis points to a peak of 373 basis points on March 23, 2020, before retracing to a level inside 175 basis points at period end.</div>
    <div style="margin-bottom: 6pt;">Bank loans, which constituted 38.0% of the Fund at period&#8217;s end, detracted from performance with the broader loan index average price falling to the mid-$70s context before recovering to the mid-$80s, down from
      high-$90s earlier in the year. The Credit Suisse Leveraged Loan Index returned -3.35% over the period. The Fed and U.S. Treasury&#8217;s expanded support for corporate borrowers removed some of the hazards that lead to default, such as being shut out of
      the market when in need of money. The Main Street Loan Facilities program was designed to support loans to some U.S. businesses, but leverage caps limit accessibility for many issuers in the broadly syndicated loan market. However, use of this
      program may free up bank capacity to make credit more available to other borrowers most at risk of default.</div>
    <div style="margin-bottom: 6pt;">Asset Backed Securities (&#8220;ABS&#8221;) (not including CLOs), which constituted 8.6% of the Fund at period&#8217;s end, generated a marginally positive total return as income earned and duration impact outweighed spread widening over
      the period.</div>
    <div style="margin-bottom: 6pt;">Collateralized Loan Obligations (&#8220;CLOs&#8221;), which constituted 10.9% of the Fund at period&#8217;s end, detracted from performance as spread widening in CLOs outpaced income earned. The Fund&#8217;s CLO holdings are mostly senior in
      the capital structure and should remain substantially loss remote even in a severe economic downturn. That did not mean the holdings were immune from broader spread widening, however. Over the period, we saw spreads widen and prices fall mainly as a
      function of liquidity, as investors looked to convert shorter duration/higher credit quality securities to cash.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4ce96c564c5b4ad587d107311a058840">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Non-Agency Residential Mortgage-Backed Securities (&#8220;non-Agency RMBS&#8221;), which constituted 8.0% of the Fund at period&#8217;s end, also detracted from performance as current macroeconomic headwinds resulted in spread widening.
      Mortgage credit performance was under pressure as unemployment continued to rise. Weakness in the broader economy will likely overwhelm the positive housing fundamentals that existed prior to the onset of the pandemic. Despite recent widening of
      spreads between senior and subordinated classes, differences in their credit profiles suggest better value in more senior securities.</div>
    <div style="margin-bottom: 6pt;">Over the period, the Fund added select credit closed-end funds to take advantage of attractive yields and discounted share prices relative to their NAVs.</div>
    <div style="margin-bottom: 6pt;">Interest rates across the U.S. Treasury curve fell between 120 and 225 basis points over the period, which aided in the Fund&#8217;s performance.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">What was the impact of derivatives on Fund performance?</div>
    <div style="margin-bottom: 6pt;">The Fund uses derivatives for its equity covered call strategy and for various hedging purposes, such as currency forward contracts to fully hedge exchange rate risk in the purchase of government securities of foreign
      countries. It also uses various derivatives to obtain exposure to indexes that track various equity market sectors.</div>
    <div style="margin-bottom: 6pt;">Returns from the covered call allocation detracted from performance over the period. The allocation had been reduced in May 2019 in line with our broader plan to help protect the portfolio and shareholders from future
      drawdowns.</div>
    <div style="margin-bottom: 6pt;">The Fund held a credit hedge via credit default swaps to reduce portfolio spread duration and help protect shareholders from a drawdown. As spreads swung from cycle tights to near historical wide levels, the Fund
      unwound its credit protection on the Markit North American Investment Grade CDX Index which had added to performance for the period.</div>
    <div style="margin-bottom: 6pt;">As part of the re-risking strategy, the Fund utilized credit default swaps on the Markit North American High Yield CDX Index to gain high yield market exposure, which was additive to performance over the period.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Discuss the Fund&#8217;s approach to duration.</div>
    <div style="margin-bottom: 6pt;">The Fund has no set policy regarding portfolio duration or maturity; interest rate duration at period&#8217;s end was 3.6 years.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf26333e711a34943a712221dc0b3ff94">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Discuss the Fund&#8217;s use of leverage.</div>
    <div style="margin-bottom: 6pt;">The Fund employed no leverage going into the COVID-19 crisis. After spreads widened materially, the Fund began adding leverage and ended the period with leverage of approximately 8.69% of managed assets (including the
      proceeds of leverage) at May 31, 2020.</div>
    <div style="margin-bottom: 6pt;">The purpose of leverage (borrowings and reverse repurchase agreements) is to fund the purchase of additional securities that may provide increased income and potentially greater appreciation to common shareholders than
      could be achieved from an unlevered portfolio. Leverage results in greater NAV volatility and entails more downside risk than an unleveraged portfolio.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Index Definitions</div>
    <div style="margin-bottom: 6pt;">Indices are unmanaged and reflect no expenses. It is not possible to invest directly in an index.</div>
    <div style="margin-bottom: 6pt;">The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries,
      government-related and corporate securities, mortgage-backed securities or &#8220;MBS&#8221; (agency fixed-rate and hybrid adjustable-rate mortgage, or &#8220;ARM&#8221;, pass-throughs), ABS, and commercial mortgage-backed securities (&#8220;CMBS&#8221;) (agency and non-agency).</div>
    <div style="margin-bottom: 6pt;">The Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Index measures the performance of publicly issued investment grade corporate, U.S. Treasury and government agency securities with remaining maturities of one to three
      years.</div>
    <div style="margin-bottom: 6pt;">The Bloomberg Barclays U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody&#8217;s, Fitch,
      and S&amp;P is Ba1/BB +/BB + or below.</div>
    <div style="margin-bottom: 6pt;">The Credit Suisse Leveraged Loan Index is an index designed to mirror the investable universe of the U.S.-dollar-denominated leveraged loan market.</div>
    <div style="margin-bottom: 6pt;">The ICE Bank of America Merrill Lynch Asset Backed Security Master BBB-AA Index is a subset of the ICE BofA/ML U.S. Fixed Rate Asset Backed Securities Index including all securities rated AA1 through BBB3, inclusive.</div>
    <div style="margin-bottom: 6pt;">The Markit North American High Yield CDX Index is composed of 100 liquid North American entities with high yield credit ratings that trade in the credit default swap market.</div>
    <div style="margin-bottom: 6pt;">The Markit North American Investment Grade CDX Index is composed of 125 of the most liquid North American entities with investment grade credit ratings that trade in the credit default swap market.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1819e6fc527f4d73a08ca0aeaca60d3b">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The Standard &amp; Poor&#8217;s 500 (&#8220;S&amp;P 500&#8221;) Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad economy, representing all major industries and is considered a
      representation of the U.S. stock market.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Risks and Other Considerations</div>
    <div style="margin-bottom: 6pt;">The global ongoing crisis caused by the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and
      quarantines, and adversely impacting local and global economies. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions all over the world, the
      Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Fund, the Fund, its service providers, the
      markets in which it invests and market intermediaries are also impacted by quarantines and similar measures intended to contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.</div>
    <div style="margin-bottom: 6pt;">The views expressed in this report reflect those of the portfolio managers only through the report period as stated on the cover. These views are subject to change at any time, based on market and other conditions and
      should not be construed as a recommendation of any kind. The material may also include forward looking statements that involve risk and uncertainty, and there is no guarantee that any predictions will come to pass.</div>
    <div style="margin-bottom: 6pt;">There can be no assurance that the Fund will achieve its investment objectives. The value of the Fund will fluctuate with the value of the underlying securities. Risk is inherent in all investing, including the loss of
      your entire principal. Therefore, before investing you should consider the risks carefully.</div>
    <div style="margin-bottom: 6pt;">The Fund is subject to various risk factors. Certain of these risk factors are described below. Please see the Fund&#8217;s Prospectus, Statement of Additional Information (SAI) and guggenheiminvestments.com/gof for a more
      detailed description of the risks of investing in the Fund. Shareholders may access the Fund&#8217;s Prospectus and SAI on the EDGAR Database on the Securities and Exchange Commission&#8217;s website at www.sec.gov.</div>
    <div style="margin-bottom: 6pt;">Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions around the world, the risks below are heightened significantly
      compared to normal conditions and therefore subject the Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund to sudden and substantial losses. The fact that a particular risk below is not specifically identified as being heightened under
      current conditions does not mean that the risk is not greater than under normal conditions.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z015cabccb40f45d291c7c3504091719d">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Below Investment Grade Securities Risk. </font>High yield, below investment grade and unrated high risk debt securities (which also may be known as &#8220;junk bonds&#8221;) may present additional
      risks because these securities may be less liquid, and therefore more difficult to value accurately and sell at an advantageous price or time, and present more credit risk than investment grade bonds. The price of high yield securities tends to be
      subject to greater volatility due to issuer-specific operating results and outlook and to real or perceived adverse economic and competitive industry conditions. This exposure may be obtained through investments in other investment companies.
      Generally, the risks associated with high yield securities are heightened during times of weakening economic conditions or rising interest rates and are therefore especially heightened under current conditions.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Covered Call Option Strategy Risk. </font>The ability of the Fund to achieve its investment objective is partially dependent on the successful implementation of its covered call option
      strategy. The Fund may write call options on individual securities. The buyer of an option acquires the right to buy (a call option) or sell (a put option) a certain quantity of a security (the underlying security) or instrument, at a certain price
      up to a specified point in time or on expiration, depending on the terms. The seller or writer of an option is obligated to sell (a call option) or buy (a put option) the underlying instrument. A call option is &#8220;covered&#8221; if the Fund owns the security
      underlying the call or has an absolute right to acquire the security without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount are segregated by the Fund&#8217;s custodian). As a seller
      of covered call options, the Fund faces the risk that it will forgo the opportunity to profit from increases in the market value of the security covering the call option during an option&#8217;s life. As the Fund writes covered calls over more of its
      portfolio, its ability to benefit from capital appreciation becomes more limited.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Credit Risk. </font>The Fund could lose money if the issuer or guarantor of a fixed-income instrument or a counterparty to a derivatives transaction or other transaction is unable or
      unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on time or defaults. The issuer, guarantor or counterparty could also suffer a rapid decrease in credit quality rating, which would adversely affect the volatility
      of the value and liquidity of the instrument. The risk of the occurrence of these types of events is especially heightened under current conditions. Credit ratings may not be an accurate assessment of liquidity or credit risk.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Current Fixed-Income and Debt Market Conditions. </font>Fixed-income and debt market conditions are highly unpredictable and some parts of the market are subject to dislocations. In
      response to the crisis initially caused by the outbreak of COVID-19, as with other serious economic disruptions, governmental authorities and regulators are enacting significant fiscal and monetary policy changes, including providing direct capital
      infusions into companies, creating new monetary programs and lowering interest rates considerably. These actions present heightened risks to fixed-income and debt</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z43cf745a33624044a3889df359e3e3b6">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">instruments, and such risks could be even further heightened if these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. In light of these actions and current
      conditions, interest rates and bond yields in the United States and many other countries are at or near historic lows, and in some cases, such rates and yields are negative. The current very low or negative interest rates are magnifying the Fund&#8217;s
      susceptibility to interest rate risk and diminishing yield and performance. In addition, the current environment is exposing fixed-income and debt markets to significant volatility and reduced liquidity for Fund investments.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Derivatives Transactions Risk. </font>The Fund may utilize derivatives, including futures contracts and other strategic transactions, to seek to earn income, facilitate portfolio
      management and mitigate risks. Participation in derivatives markets transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies (other than its covered call writing strategy
      and put option writing strategy). If the Sub-Adviser (Guggenheim Partners Investment Management, LLC, or GPIM) is incorrect about its expectations of market conditions, the use of derivatives could also result in a loss, which in some cases may be
      unlimited.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Equity Securities Risk. </font>Equity securities include common stocks and other equity and equity-related securities (and securities convertible into stocks) such as limited liability
      company interests and trust certificates. The prices of equity securities generally fluctuate in value more than fixed-income investments, may rise or fall rapidly or unpredictably and may reflect real or perceived changes in the issuing company&#8217;s
      financial condition and changes in the overall market or economy. Equity securities are currently experiencing heightened volatility and therefore, the Fund&#8217;s investments in equity securities are subject to heightened risks related to volatility. A
      decline in the value of equity securities held by the Fund will adversely affect the value of your investment in the Fund.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Interest Rate Risk. </font>Fixed-income and other debt instruments are subject to the possibility that interest rates could change. Changes in interest rates may adversely affect the
      Fund&#8217;s investments in these instruments, such as the value or liquidity of, and income generated by, the investments. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable
      impacts on the financial markets and the Fund&#8217;s investments. Generally, when interest rates increase, the values of fixed-income and other debt instruments decline, and when interest rates decrease, the values of fixed-income and other debt
      instruments rise. In response to the crisis initially caused by the outbreak of COVID-19, as with other serious economic disruptions, governmental authorities and regulators are enacting significant fiscal and monetary policy changes, including
      providing direct capital infusions into companies, creating new monetary programs and lowering interest rates considerably. These actions present heightened risks to fixed-income and debt instruments, and such risks could be even further heightened
      if these actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. In light of these actions and</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7511527855ca44cb9b364fbdf9845f33">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">current conditions, interest rates and bond yields in the United States and many other countries are at or near historic lows, and in some cases, such rates and yields are negative. The current very low or negative
      interest rates are magnifying the Fund&#8217;s susceptibility to interest rate risk and diminishing yield and performance.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Investment in Loans Risk. </font>The Fund may invest in loans directly or indirectly through assignments or participations. Investments in loans, including loan syndicates and other
      direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk, prepayment risk and extension risk, which are heightened under current conditions. Loans may offer a fixed or floating
      interest rate. Loans are often below investment grade and may be unrated. The Fund&#8217;s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality
      and/or maturity. Participations in loans may subject the Fund to the credit risk of both the borrower and the seller of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go
      through the seller of the participation (or an agent acting on its behalf). Covenants contained in loan documentation are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower&#8217;s operations or
      assets and by providing certain information and consent rights to lenders. The Fund invests in or is exposed to loans and other similar debt obligations that are sometimes referred to as &#8220;covenant-lite&#8221; loans or obligations, which are generally
      subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many loans and other instruments are tied to the London Interbank Offered Rate (&#8220;LIBOR&#8221;), which
      functions as a reference rate or benchmark. It is anticipated that LIBOR will be discontinued at the end of 2021, which may cause increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other adverse
      consequences for these instruments. These events may adversely affect the Fund and its investments in such instruments.</div>
    <div style="margin-bottom: 6pt;"><u>Senior Loans Risk. </u>The Fund may invest in senior secured floating rate loans made to corporations and other non-governmental entities and issuers (&#8220;Senior Loans). Senior Loans typically hold the most senior
      position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debt holders and stockholders of
      the borrower. The Fund&#8217;s investments in Senior Loans are generally rated below investment grade or unrated but believed by the Adviser to be of below investment grade quality and are considered speculative because of the credit risk of their issuers.
      The risks associated with such Senior Loans are similar to the risks of other lower grade securities, although Senior Loans are typically senior and secured in contrast to subordinated and unsecured securities. Senior Loans&#8217; higher standing has
      historically resulted in generally higher recoveries in the event of a corporate reorganization. In addition, because their interest payments are</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z99ef90421ba24791acc70c4869a20372">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">adjusted for changes in short-term interest rates, investments in Senior Loans generally have less interest rate risk than other lower grade securities, which may have fixed interest rates.</div>
    <div style="margin-bottom: 6pt;"><u>Second Lien Loans Risk. </u>The Fund may invest in &#8220;second lien&#8221; secured floating rate loans made to public and private corporations and other non-governmental entities and issuers for a variety of purposes (&#8220;Second
      Lien Loans&#8221;). Second Lien Loans are second in right of payment to one or more Senior Loans of the related borrower. Second Lien Loans are generally subject to similar risks associated with investment in Senior Loans and other lower grade debt
      securities. However, Second Lien Loans are second in right of payment to Senior Loans and therefore are subject to the additional risk that the cash flow of the borrower and any property securing the Loan may be insufficient to meet scheduled
      payments and repayment of principal after giving effect to the senior secured obligations of the borrower. Second Lien Loans are expected to have greater price volatility and exposure to losses upon default than Senior Loans and may be less liquid.</div>
    <div style="margin-bottom: 6pt;"><u>Subordinated Secured Loans Risk. </u>Subordinated secured loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans and below investment grade securities.
      However, such loans may rank lower in right of payment than any outstanding Senior Loans, Second Lien Loans or other debt instruments with higher priority of the borrower and therefore are subject to additional risk that the cash flow of the borrower
      and any property securing the loan may be insufficient to meet scheduled payments and repayment of principal in the event of default or bankruptcy after giving effect to the higher ranking secured obligations of the borrower. Subordinated secured
      loans are expected to have greater price volatility than Senior Loans and Second Lien Loans and may be less liquid.</div>
    <div style="margin-bottom: 6pt;"><u>Unsecured Loans Risk. </u>Unsecured loans generally are subject to similar risks as those associated with investment in Senior Loans, Second Lien Loans, subordinated secured loans and below investment grade
      securities. However, because unsecured loans have lower priority in right of payment to any higher ranking obligations of the borrower and are not backed by a security interest in any specific collateral, they are subject to additional risk that the
      cash flow of the borrower and available assets may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher ranking obligations of the borrower. Unsecured loans are expected to have greater price
      volatility than Senior Loans, Second Lien Loans and subordinated secured loans and may be less liquid.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Leverage Risk. </font>The Fund&#8217;s use of leverage, through borrowings or instruments such as derivatives, causes the Fund to be more volatile and riskier than if it had not been
      leveraged. Although the use of leverage by the Fund may create an opportunity for increased return, it also results in additional risks and can magnify the effect of any losses. The effect of leverage in a declining market is likely to cause a
      greater decline in the net asset value of the Fund than if the Fund were not leveraged, which may</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z03366f10a8c84f3fac191556ef56c26f">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">result in a greater decline in the market price of the Fund shares. There can be no assurance that a leveraging strategy will be implemented or that it will be successful during any period during which it is employed.
      Recent economic and market events have contributed to severe market volatility and caused severe liquidity strains in the credit markets. If dislocations in the credit markets continue, the Fund&#8217;s leverage costs may increase and there is a risk that
      the Fund may not be able to renew or replace existing leverage on favorable terms or at all. If the cost of leverage is no longer favorable, or if the Fund is otherwise required to reduce its leverage, the Fund may not be able to maintain
      distributions at historical levels and common shareholders will bear any costs associated with selling portfolio securities. The Fund&#8217;s total leverage may vary significantly over time. To the extent the Fund increases its amount of leverage
      outstanding, it will be more exposed to these risks.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Management Risk. </font>The Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will
      produce the desired results or expected returns, causing the Fund to fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Market Risk. </font>The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable fluctuation. The value of certain
      investments (e.g., equity securities) tends to fluctuate more dramatically over the shorter term than do the value of other asset classes. These movements may result from factors affecting individual companies, or from broader influences, including
      real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, investor confidence or economic, political, social or financial market conditions, environmental disasters, governmental actions, public
      health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, each of which may be temporary or last for extended periods. For example, the crisis initially caused by the outbreak of COVID-19 is
      causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and global economies. As with other serious economic
      disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, which could further increase volatility in securities and other financial markets, reduce market liquidity,
      heighten investor uncertainty and adversely affect the value of the Fund&#8217;s investments and the performance of the Fund. Administrative changes, policy reform and/or changes in law or governmental regulations can result in expropriation or
      nationalization of the investments of a company in which the Fund invests.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Prepayment Risk. </font>Certain debt instruments, including loans and mortgage- and other asset-backed securities, are subject to the risk that payments on principal may occur more
      quickly or earlier than expected. In this event, the Fund might be forced to forego future interest income on the principal</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">17</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za855f931ec4f4a59b90941fb43a136c7">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">repaid early and to reinvest income or proceeds at generally lower interest rates, thus reducing the Fund&#8217;s yield. These types of instruments are particularly subject to prepayment risk, and offer less potential for
      gains, during periods of declining interest rates.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Structured Finance Investments Risk. </font>The Fund&#8217;s structured finance investments may consist of residential mortgage-backed securities (&#8220;RMBS&#8221;) and commercial mortgage-backed
      securities (&#8220;CMBS&#8221;) issued by governmental entities and private issuers, asset-backed securities (&#8220;ABS&#8221;), structured notes, credit-linked notes and other types of structured finance securities. Holders of structured finance investments bear risks of
      the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the
      entity that sold the assets to be securitized. The Fund may invest in structured finance products collateralized by low grade or defaulted loans or securities. Investments in such structured finance products are subject to the risks associated with
      below investment grade securities. Such securities are characterized by high risk. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities.
      Structured finance securities are typically privately offered and sold, and thus are not registered under the securities laws. As a result, investments in structured finance securities may be characterized by the Fund as illiquid securities; however,
      an active dealer market may exist which would allow such securities to be considered liquid in some circumstances.</div>
    <div style="margin-bottom: 6pt;"><u>Mortgage-Backed Securities (&#8220;MBS&#8221;) Risk. </u>MBS represent an interest in a pool of mortgages. The risks associated with MBS include: (1) credit risk associated with the performance of the underlying mortgage
      properties and of the borrowers owning these properties; (2) risks associated with their structure and execution (including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit
      losses affect the return to investors in such MBS); (3) risks associated with the servicer of the underlying mortgages; (4) adverse changes in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by
      loans on certain types of commercial properties than on those secured by loans on residential properties; (5) prepayment risk, which can lead to significant fluctuations in the value of the MBS; (6) loss of all or part of the premium, if any, paid;
      and (7) decline in the market value of the security, whether resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated with the underlying mortgage collateral.</div>
    <div style="margin-bottom: 6pt; margin-left: 20pt;"><font style="font-style: italic;">Commercial Mortgage-Backed Securities Risk.</font> CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential
      mortgage loans and providing for payment of all or substantially all of the principal only at maturity rather than regular amortization of principal. In addition, commercial lending generally is viewed as</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">18







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5f995cce9ba34110ae286302f727d7b9">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; margin-left: 20pt;">exposing the lender to a greater risk of loss than residential lending. Economic downturns and other events that limit the activities of and demand for commercial retail and office spaces (such as the
      current crisis) adversely impact the value of such securities.</div>
    <div style="margin-bottom: 6pt; margin-left: 20pt;"><font style="font-style: italic;">Residential Mortgage-Backed Securities Risk.</font> Credit-related risk on RMBS arises from losses due to delinquencies and defaults by the borrowers in payments on
      the underlying mortgage loans and breaches by originators and servicers of their obligations under the underlying documentation pursuant to which the RMBS are issued. The rate of delinquencies and defaults on residential mortgage loans and the
      aggregate amount of the resulting losses will be affected by a number of factors, including general economic conditions, particularly those in the area where the related mortgaged property is located, the level of the borrower&#8217;s equity in the
      mortgaged property and the individual financial circumstances of the borrower. These risks are elevated given the current distressed economic, market, health and labor conditions, notably, increased levels of unemployment, delays and delinquencies in
      payments of mortgage and rent obligations, and uncertainty regarding the effects and extent of government intervention with respect to mortgage payments and other economic matters.</div>
    <div style="margin-bottom: 6pt;"><u>Asset-Backed Securities Risk. </u>ABS may be particularly sensitive to changes in prevailing interest rates. ABS involve certain risks in addition to those presented by mortgage-backed securities (&#8220;MBS&#8221;). ABS do not
      have the benefit of the same security interest in the underlying collateral as MBS and are more dependent on the borrower&#8217;s ability to pay and may provide the Fund with a less effective security interest in the related collateral than do MBS. There
      is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. The collateral underlying ABS may constitute assets related to a wide range of industries and sectors, such
      as credit card and automobile receivables or other assets derived from consumer, commercial or corporate sectors. If the economy of the United States deteriorates, defaults on securities backed by credit card, automobile and other receivables may
      increase, which may adversely affect the value of any ABS owned by the Fund. In addition, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage-related securities. Therefore, there is
      the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities. ABS collateralized by other types of assets are subject to risks associated with the underlying collateral.
      These risks are elevated given the currently distressed economic, market, labor and health conditions.</div>
    <div style="margin-bottom: 6pt;"><u>CLO, CDO and CBO Risk. </u>In addition to the general risks associated with debt securities discussed herein, collateralized loan obligations (&#8220;CLOs&#8221;), collateralized debt obligations (&#8220;CDOs&#8221;), and collateralized
      bond obligations (&#8220;CBOs&#8221;) are subject to additional risks. CLOs, CDOs and CBOs are subject to risks associated with the possibility that distributions from collateral securities will not be</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">19</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4322e94139a34032b2b2fb1b586f8a2c">

        <tr>
          <td style="width: 74.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 25.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the complex structure of the security may not be fully understood at the time of investment and may produce
      disputes with the issuer or unexpected investment results.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Valuation Risk. </font>The Fund may invest without limitation in unregistered securities, restricted securities and securities for which there is no readily available trading market. It
      may be difficult for the Fund to purchase and sell a particular investment at the price at which it has been valued by the Fund for purposes of the Fund&#8217;s net asset value, causing the Fund to be unable to realize what the Fund believes should be the
      price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other
      circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the
      investment at that time. Based on its investment strategies, a significant portion of the Fund&#8217;s investments can be difficult to value and thus particularly prone to the foregoing risks.</div>
    <div style="margin-bottom: 6pt;">In addition to the foregoing risks, investors should note that the Fund reserves the right to merge or reorganize with another fund, liquidate or convert into an open-end fund, in each case subject to applicable
      approvals by shareholders and the Fund&#8217;s Board of Trustees as required by law and the Fund&#8217;s governing documents.</div>
    <div style="margin-bottom: 6pt; font-style: italic; font-weight: bold;">This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not
      provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or
      educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">20







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze79632f645c141de987a7896b76b0a71">

        <tr>
          <td style="width: 62.62%; vertical-align: middle;">&#160;</td>
          <td style="width: 37.38%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 37.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z73b6f782b3214a3fa72c3a774403e188">

        <tr>
          <td style="width: 76.41%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.48%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund Statistics</font>&#160;</div>
          </td>
          <td style="width: 23.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Share Price&#160;</div>
          </td>
          <td style="width: 23.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$16.20&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.41%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net Asset Value&#160;</div>
          </td>
          <td style="width: 23.48%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$15.29&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Premium to NAV&#160;</div>
          </td>
          <td style="width: 23.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5.95%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net Assets ($000)&#160;</div>
          </td>
          <td style="width: 23.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$648,892&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td colspan="5" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="width: 58.74%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS FOR THE</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" rowspan="1" style="width: 40.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">PERIOD ENDED MAY 31, 2020</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.19%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.55%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">One</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Three</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Five</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ten</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Guggenheim Strategic Opportunities Fund&#160;</div>
          </td>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.19%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">NAV&#160;</div>
          </td>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(2.79%)&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3.45%&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7.18%&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10.11%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.19%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Market&#160;</div>
          </td>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(7.96%)&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3.05%&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6.51%&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10.59%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Performance data quoted represents past performance, which is no guarantee of future results and current performance may be lower or higher than the figures shown. All NAV returns include the deduction of management
      fees, operating expenses and all other Fund expenses. The deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares is not reflected in the total returns. For the most recent month-end performance figures,
      please visit guggenheiminvestments.com/gof. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor&#8217;s shares, when sold, may be worth more or less than their
      original cost.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">21</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcf786b11704746ef838432383d1e28ef">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbcedcec7240a47628bad308fc0203751">

        <tr>
          <td style="width: 60.6%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.4%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Portfolio Breakdown</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">% of Net Assets</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Investments</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">38.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">29.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage Obligations&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Closed-End Funds&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>U.S. Treasury Bills&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Exchange-Traded Funds&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Other&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Investments</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">109.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Call Options Written&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(0.5%)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other Assets &amp; Liabilities, net&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(8.9%)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Net Assets</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Ten Largest Holdings</font>&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">(% of Total Net Assets)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Finance LLC, 1.50%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Delta Air Lines, Inc., 7.00%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SPDR Bloomberg Barclays High Yield Bond ETF&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Boeing Co., 5.81%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Aesf Vi Verdi LP, 1.80%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Taxable Municipal Bond Trust&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ViacomCBS, Inc., 4.95%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>VB-S1 Issuer LLC, 6.66%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nuveen Taxable Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TSGE, 6.25%&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Top Ten Total&#160;</div>
          </td>
          <td style="width: 39.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13.3%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">&#8220;Ten Largest Holdings&#8221; excludes any temporary cash or derivative investments.</div>
    <div style="margin-bottom: 6pt;">Portfolio breakdown and holdings are subject to change daily. For more information, please visit guggenheiminvestments.com/gof. The above summaries are provided for informational purposes only and should not be viewed
      as recommendations. Past performance does not guarantee future results.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">22







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za46f6b28160c43b1a192529e6a5769b9">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za11713a32a3e40faa77498e67da0e6ed">

        <tr>
          <td style="width: 68.69%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.31%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolio Composition by Quality Rating</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">% of Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Rating</font>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Investments</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Investments</font>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">AAA&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">AA&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">A&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">BBB&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">BB&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">B&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">25.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">CCC&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">CC&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">C&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">D&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.0%*&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">NR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Other Instruments</font>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Investments</font>&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">*&#160; Less than 0.1%.</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160; Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally
      ranges from AAA (highest) to D (lowest). All rated securities have been rated by Moody&#8217;s, Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (&#8220;NRSRO&#8221;). For purposes of this
      presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted Moody&#8217;s and Fitch ratings to the equivalent S&amp;P rating. Security ratings are determined at the time of purchase
      and may change thereafter.</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160; NR (not rated) securities do not necessarily indicate low credit quality.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">23</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7473c21eafd84b07aa050f701c9325e3">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: center; margin-bottom: 6pt;"><img src="cef-gofar0520ex24x1.jpg"><br>
      <br>
    </div>
    <div style="margin-bottom: 6pt; font-style: italic;">For the year ended May 31, 2020, 60.6% of the distributions were characterized as return of capital and 39.4% of the distributions were characterized as ordinary income. The final determination of
      the tax character of the distributions paid by the Fund in 2020 will be reported to shareholders in January 2021.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">24







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z80b698cc70454665addbce42bc923d16">

        <tr>
          <td style="width: 62.62%; vertical-align: middle;">&#160;</td>
          <td style="width: 37.38%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS</font>&#160;</div>
          </td>
          <td style="width: 37.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z916410e7736045918d8036ae4c30d80a">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">COMMON STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>TexGen Power LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">22,219&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 666,570&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Chef Holdings, Inc.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,789&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,817&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ATD New Holdings, Inc.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13,571&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">198,476&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cengage Learning Holdings II, Inc.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,126&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">33,378&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Targus Group International Equity, Inc.*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1,2</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,989&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,091&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Save-A-Lot*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">15,565&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8211;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">655,762&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Qlik Technologies, Inc. &#8211; Class A*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">56&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">68,267&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Qlik Technologies, Inc. &#8211; Class B*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13,812&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8211;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">68,267&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SandRidge Energy, Inc.*&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">39,565&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">62,513&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Titan Energy LLC*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,603&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">288&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Energy</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">62,801&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BP Holdco LLC*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1,2</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">55,076&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">16,061&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Vector Phoenix Holdings, LP*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">55,076&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,380&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20,441&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Common Stocks</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $3,252,487)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,473,841&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">PREFERRED STOCKS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 0.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Government &#8211; 0.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Farmer Mac 5.75%&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">112,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,794,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Public Storage 5.40%&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,055,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>AgriBank FCB 6.88%&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">401,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,456,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Preferred Stocks</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $4,143,000)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,251,150&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">EXCHANGE-TRADED FUNDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 1.7%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>SPDR Bloomberg Barclays High Yield Bond ETF&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">106,075&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,818,589&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Exchange-Traded Funds</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $10,333,095)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,818,589&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">25</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za30a711a54464caca0efb84b692a9ad8">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zab7c9743d7a84332b6a1d0609a8d7230">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CLOSED-END FUNDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 5.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Taxable Municipal Bond Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">284,422&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,794,842&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nuveen Taxable Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">284,599&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,922,505&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nuveen AMT-Free Municipal Credit Income Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">286,600&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,287,536&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Corporate High Yield Fund, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">350,804&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,529,088&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Invesco Municipal Opportunity Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">223,701&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,626,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Invesco Trust for Investment Grade Municipals&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">203,291&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,451,689&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Invesco Municipal Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">179,952&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,101,839&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Invesco Advantage Municipal Income Trust II&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">158,081&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,644,042&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Credit Allocation Income Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">113,944&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,541,663&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Municipal Income Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">107,069&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,390,826&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Blackstone / GSO Strategic Credit Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">123,339&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,375,230&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Eaton Vance Limited Duration Income Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">80,135&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">903,923&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ares Dynamic Credit Allocation Fund, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">62,013&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">729,893&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nuveen AMT-Free Quality Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">28,751&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">398,776&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Debt Strategies Fund, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">39,371&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">380,324&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nuveen Quality Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,748&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">332,235&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>BlackRock MuniVest Fund, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23,221&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">194,128&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Closed-End Funds</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $36,956,533)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">36,604,789&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">MONEY MARKET FUND</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 1.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Dreyfus Treasury Securities Cash Management Fund &#8212; Institutional Shares, 0.10%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,469,422&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,469,422&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Money Market Fund</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $6,469,422)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,469,422&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Samsonite IP Holdings SARL&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,050,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,957,219&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>1-800 Contacts&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.08% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/22/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,569,994&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,499,319&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alexander Mann&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.43% (6 Month GBP LIBOR + 3.75%, Rate Floor: 3.75%) due 12/16/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP 1,172,865&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,141,657&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.06% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,300,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,014,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>World Triathlon Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,182,398&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,138,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BCPE Empire Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/11/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,827,608&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,708,814&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BGIS (BIFM CA Buyer, Inc.)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.11% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,736,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,671,742&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">26







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze62bbf5c3014448ba6e60e98083a64fc">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5a86dd0455ae4eccae7077e1e1aee659">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Apro LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/14/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,316,700&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,290,366&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/16/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">380,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">372,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WIRB &#8211; Copernicus Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.24% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,651,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Titan US Finco Llc&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.45% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/01/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,781,398&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,616,619&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Packers Sanitation Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.25% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/04/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,689,334&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,604,022&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Midas Intermediate Holdco II LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.02% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,764,788&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,565,967&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Power Solutions (Panther)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,641,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,559,662&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Shields Health Solutions Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.17% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 08/19/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,741,250&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,532,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CPI Acquisition, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.38% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/17/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,021,782&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,478,428&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ERM&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.20% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/10/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,588,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,468,900&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PT Intermediate Holdings III LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.95% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 10/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,695,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,424,430&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OEConnection LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.07% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/25/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,545,050&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,416,811&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SHO Holding I Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/27/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,289,079&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,005,481&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.42% (1 Month USD LIBOR + 4.00% and 3 Month USD&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">LIBOR + 4.00%, Rate Floor: 4.00%) due 10/27/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">474,720&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">375,029&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Accuride Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.70% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,359,341&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,347,096&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>K &amp; N Parent, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.82% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/20/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,927,973&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,303,309&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BBB Industries, LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.58% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,626,237&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,301,673&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Playtika Holding Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.07% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 12/09/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,237,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,236,176&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WESCO&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.33% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,155,737&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,130,542&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>IBC Capital Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.64% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,220,765&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,098,689&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cast &amp; Crew Payroll LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.93% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/09/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,189,748&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,077,709&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">27</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zde13ab61db594447bc7384b2e604b905">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c28f177934c40b4a0953210a7a6fdbe">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Galls LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">14.50% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(in-kind rate was 7.25%) due 01/31/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1,15</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">875,756&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 845,104&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">112,782&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">103,790&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.32% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">95,055&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">91,728&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Blue Nile, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.50% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,725,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">997,619&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Prime Security Services Borrower LLC (ADT)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.25% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 09/23/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">995,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">968,573&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EnTrans International, LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.17% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,368,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">958,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Atkins Nutritionals, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/08/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">969,489&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">952,523&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Recorded Books, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 08/29/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">843,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CHG Healthcare Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.07% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/07/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">748,846&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">730,597&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AT Home Holding III&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/03/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,092,746&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">710,285&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nellson Nutraceutical&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.70% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">813,965&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">681,696&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alterra Mountain Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 08/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">594,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EG Finco Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.07% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">293,286&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">277,155&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.75% (6 Month EURIBOR + 7.75%, Rate Floor: 8.75%) due 04/20/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 249,505&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">238,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Checkers Drive-In Restaurants, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">997,731&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">498,866&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NES Global Talent&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 05/11/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">615,815&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">492,652&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mavis Tire Express Services Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.70% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">496,661&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">448,649&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Outcomes Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 10/24/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">495,734&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">442,031&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Tire Distributors, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.20% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">425,232&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">378,456&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.55% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 8.50%) due 09/02/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">82,449&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">50,019&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Drive Chassis (DCLI)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">9.56% (3 Month USD LIBOR + 8.25%, Rate Floor: 8.25%) due 04/10/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">427,500&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">28







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0bc7c8c649414e6ca1f441f9c5a27f4c">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z06f8235b08674378bbd0349f4e40a330">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aimbridge Acquisition Co., Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.02% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/02/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">497,084&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 420,036&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Zephyr Bidco Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.61% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP 360,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">383,759&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sotheby's&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.50% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 01/15/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">347,705&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">312,354&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Intrawest Resorts Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.92% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">299,235&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">280,907&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Landry's Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">13.00% (3 Month USD LIBOR + 12.00%, Rate Floor: 13.00%) due 10/04/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">205,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Belk, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.75% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 07/31/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">620,047&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">178,108&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Argo Merchants&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.20% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">148,159&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">134,825&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SP PF Buyer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.67% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">149,246&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">111,615&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atlantic Aviation FBO, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.93% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 12/08/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">93,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Petco Animal Supplies, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.25% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 01/26/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">38,110&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">26,275&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">53,866,482&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 6.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>US Foods, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.25% (6 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 04/24/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,092,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bombardier Recreational Products, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 05/24/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,100,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,076,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Civitas Solutions, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.79% (1 Month USD LIBOR + 4.25% and 3 Month USD LIBOR + 4.25%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.25%) due 03/09/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,295,813&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,217,755&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.71% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 03/09/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">104,267&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">100,722&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Packaging Coordinators Midco, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.33% (1 Month USD LIBOR + 3.50% and 2 Month USD LIBOR + 3.50%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 3.50%) due 07/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,338,462&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,288,269&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.08% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,024,019&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">977,938&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Endo Luxembourg Finance Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,244,656&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,094,691&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Springs Window Fashions&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.57% (3 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,111,496&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.32% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/15/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">892,338&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">782,286&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CPI Holdco LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.70% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 11/04/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,930,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,864,863&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Immucor, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.45% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 06/15/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,945,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,824,663&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">29</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za4dc97fea74c420788aaa7dd5bc8176c">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf73b0b828f642a6b87a7c74cc360dc0">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 6.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Snacking Investments US LLC (Arnott's)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 12/18/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,695,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,648,405&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cambrex Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% (1 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 12/04/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,695,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,634,279&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diamond (BC) BV&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.76% (1 Month USD LIBOR + 3.00% and 3 Month USD LIBOR + 3.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 3.00%) due 09/06/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,739,210&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,606,160&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MDVIP LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/14/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,697,372&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,578,556&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PlayPower, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.95% (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 05/08/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,809,260&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,429,316&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>California Cryobank&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.45% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/06/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,529,361&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,376,425&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hearthside Group Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,431,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,373,412&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Arctic Glacier Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,772,602&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,368,786&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ScribeAmerica Intermediate Holdco LLC (Healthchannels)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.67% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,619,965&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,360,770&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Confluent Health LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.44% (1 Month USD LIBOR + 5.00% and 3 Month USD LIBOR + 5.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.00%) due 06/24/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,588,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,349,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EyeCare Partners LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.82% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,418,919&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,291,216&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BCPE Eagle Buyer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,456,462&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,270,763&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sierra Acquisition, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,421,222&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,211,591&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tecbid US, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.20% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/25/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">988,890&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">979,001&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CTI Foods Holding Co. LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.77% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(in-kind rate was 3.00%) due 05/03/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1,15</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">468,586&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">431,099&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.77% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(in-kind rate was 6.00%) due 05/03/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,15</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">192,379&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">171,218&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Affordable Care Holdings Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.20% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/24/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">804,278&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">599,187&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Certara, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">608,054&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">565,490&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Moran Foods LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">12.18% (3 Month USD LIBOR + 10.75%, Rate Floor: 11.75%) due 10/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">297,594&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">265,096&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.00% (3 Month USD LIBOR + 1.00%, Rate Floor: 1.00%) due 04/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">251,869&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">226,682&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">30







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze4ff7f6308d94ee5bd40cb076aae45b6">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z55f825a71bd04d1fb773fafd50fc210b">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 6.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Examworks Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 01/27/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 383,255&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.32% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/27/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">98,977&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">96,565&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Kar Nut Products Company LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 03/31/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">364,523&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">359,055&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hoffmaster Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.45% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/21/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">422,558&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">304,241&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Recess Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.20% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">297,710&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">240,648&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Blue Ribbon LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.04% (1 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.00%) due 11/15/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">220,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">180,950&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">42,733,399&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 6.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alion Science &amp; Technology Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/19/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,112,269&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,075,949&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Capstone Logistics&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.57% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 10/07/21&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,613,814&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,463,520&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Bath Group LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% (2 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.00%) due 09/29/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,667,429&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,454,034&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>StandardAero&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/06/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,736,250&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,294,346&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ILPEA Parent, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 03/02/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,458,726&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,286,615&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>WP CPP Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.75%) due 04/30/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,344,819&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,016,545&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Tank Holdings Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 03/26/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,990,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,874,958&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>STS Operating, Inc. (SunSource)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,043,043&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,820,004&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Foundation Building Materials Holding Company LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.17% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 08/13/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,728,125&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,630,918&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NA Rail Hold Co LLC (Patriot)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.27% (2 Month USD LIBOR + 5.25%, Rate Floor: 5.25%) due 10/19/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,606,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AI Convoy Luxembourg SARL&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.65% (3 Month USD LIBOR + 3.50% and 6 Month USD LIBOR + 3.50%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.50%) due 01/18/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,428,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pelican Products, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,607,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,422,637&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>API Holdings III Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.42% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 05/11/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,588,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,338,557&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">31</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4f48bdffe8494fe0bd9817886a69acbc">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z71ccb84e86fc4618b46421a1974919ee">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 6.4% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>National Technical&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.43% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 06/12/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,358,790&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,304,438&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Anchor Packaging LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/20/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,347,077&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,279,723&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Transcendia Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.57% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,764,587&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,182,273&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avison Young (Canada), Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.85% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 01/31/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,283,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,146,954&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Charter Nex US, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/16/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,177,049&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,142,479&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fortis Solutions Group LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% (1 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 12/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,144,766&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,106,646&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diversitech Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.95% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.45% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/03/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">99,235&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">94,273&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SLR Consulting Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.98% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">793,980&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">740,358&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.97% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">207,744&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">193,714&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.98% (1 Month USD LIBOR + 4.00% and 6 Month USD LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.00%) due 06/23/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">39,120&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">45,041&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bhi Investments LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.67% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 02/28/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Duran, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.15% (6 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 12/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">539,701&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">480,805&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.12% (6 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/29/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">492,255&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">438,536&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ProAmpac PG Borrower LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.50% (3 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/18/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">810,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Savage Enterprises LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.18% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 08/01/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">780,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">767,325&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>YAK MAT (YAK ACCESS LLC)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">11.20% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">650,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BWAY Holding Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.56% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">695,803&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">632,749&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Thermon Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/30/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">639,180&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">594,437&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TricorBraun Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.20% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/30/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">586,325&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">547,481&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dimora Brands, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.57% (2 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.50%) due 08/24/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">486,563&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">440,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Titan Acquisition Ltd. (Husky)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.45% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">296,123&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">267,357&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hayward Industries, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">155,528&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">150,279&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">32







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a7f37d2d20e427cbfcb3a5a8644110a">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z70e379f600364b11b2bddde8dc4c0464">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 6.4% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CPM Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.97% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/17/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99,496&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 80,915&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,659,456&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 6.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cologix Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 03/20/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,150,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,012,975&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Planview, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 01/27/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,639,375&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,590,912&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Datix Bidco Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.36% (6 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,001,644&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,987,670&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.61% (6 Month USD LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">300,111&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">290,051&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Emerald TopCo, Inc. (Press Ganey)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.26% (1 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 3.50%) due 07/24/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,288,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,193,527&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GlobalFoundries, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/05/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,332,375&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,180,771&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ministry Brands LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% (2 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/02/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,162,540&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,054,414&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>II-VI, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/24/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,990,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,913,723&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Upland Software, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.92% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,990,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,890,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EIG Investors Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.75%) due 02/09/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,915,395&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,854,735&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Brave Parent Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,866,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,792,080&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dun &amp; Bradstreet&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/06/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,701,140&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cvent, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.92% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/29/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,960,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,700,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TIBCO Software, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.93% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,681,103&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Park Place Technologies LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/29/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,066,060&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,002,096&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.00% (3 Month USD LIBOR + 8.00%, Rate Floor: 9.00%) due 03/30/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">680,723&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">592,229&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Project Boost Purchaser LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,691,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,582,956&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Aston FinCo SARL&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.47% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,553,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Misys Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,687,691&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,530,179&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Navicure, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 10/22/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,541,667&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,491,563&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">33</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za1855aae906c47178b3babe725f7e471">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb6ec2eeb5f214817a41efd036add008d">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 6.4% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>24-7 Intouch, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.92% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/25/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,477,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,344,525&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Transact Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.92% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,343,250&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,185,418&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Informatica LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/25/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,142,004&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aspect Software, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% (2 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,012,442&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">911,198&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.23% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 07/17/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">90,707&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">89,747&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CCC Information Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.18% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/27/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">890,411&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">848,097&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Greenway Health LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.82% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">979,849&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">734,887&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Apttus Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.20% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 10/02/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">425,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">416,695&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EXC Holdings III Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">99,491&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">95,014&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">41,364,309&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 3.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Xplornet Communications Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 06/10/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,103,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Trader Interactive&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.57% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/17/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,697,388&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,508,571&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.72% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 06/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">46,154&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">42,640&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Conterra Ultra Broadband Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.68% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,985,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,890,713&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Market Track LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% (2 Month USD LIBOR + 4.25% and 3 Month USD LIBOR + 4.25%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.25%) due 06/05/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,090,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,735,426&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Zayo Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.17% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/09/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,681,103&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ProQuest, LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 10/23/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,645,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,589,817&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Flight Bidco, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.67% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,300,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,105,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">445,477&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">416,521&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Resource Label Group LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.95% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,305,130&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,213,771&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Liberty Cablevision Of Puerto Rico LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.18% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 10/15/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,196,004&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Authentic Brands&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,091,150&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Internet Brands, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.82% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/13/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,041,797&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,006,470&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">34







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9a2196f793844fad898b5a3a62b1cf4f">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4bc9d0339c8840ff893cd41007326f6f">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 3.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Houghton Mifflin Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 11/22/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">691,250&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 639,406&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>McGraw-Hill Global Education Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.45% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">467,805&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">397,634&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cengage Learning Acquisitions, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">187,472&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">151,008&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Communications</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,768,984&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 2.8%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nexus Buyer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.93% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,695,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,661,835&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NFP Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,694,864&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,588,935&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Teneo Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 07/11/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,741,250&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,584,537&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Situs AMC Holdings Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/28/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,459,243&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,439,316&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/30/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">129,730&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">127,958&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aretec Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.42% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,678,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,544,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>StepStone Group LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% (6 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 03/27/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,470,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,418,550&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jefferies Finance LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.19% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/03/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,534,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,407,428&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Claros Mortgage Trust, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.47% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 08/10/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,492,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,343,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alliant Holdings Intermediate LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/09/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">992,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">948,334&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2.92% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/09/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">197,985&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">188,602&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HUB International Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% (1 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.00%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">997,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">975,086&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.02% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">99,242&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">95,410&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Virtu Financial, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.22% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/01/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,087,568&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,067,176&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>USI, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 12/02/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">598,500&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">579,797&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.17% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">247,462&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">237,378&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AmeriLife Holdings LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.37% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 03/18/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">690,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jane Street Group LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.17% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 01/31/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">494,991&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">482,616&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citadel Securities LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2.92% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 02/27/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">399,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">390,190&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">35</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za60b6af0a6b54f9f8fa9c0e67b29004c">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zddaedbf30da845e4ae1e0f0d481fd9c9">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 2.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Assetmark Financial Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.45% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 11/14/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">358,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 349,903&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Northstar Financial Services LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 05/26/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">392,341&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">347,222&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">18,467,973&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 2.7%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ICP Industrial, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.07% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,447,915&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,239,843&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Rock Salt Company LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,896,892&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,830,501&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PetroChoice Holdings&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% (2 Month USD LIBOR + 5.00% and 3 Month USD LIBOR + 5.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 6.00%) due 08/19/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,013,931&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,654,786&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>DCG Acquisition Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.68% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 09/30/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,741,858&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,567,672&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pregis TopCo Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.17% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/31/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,645,875&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,550,727&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ascend Performance Materials Operations LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.70% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 08/27/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,495,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,422,119&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GrafTech Finance, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,483,194&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,416,451&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Niacet Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 02/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,572,965&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,415,669&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Big River Steel LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.45% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/23/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,524,209&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,387,030&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LTI Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.67% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">985,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">862,614&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Niacet B.V.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% (1 Month EURIBOR + 4.50%, Rate Floor: 5.50%) due 02/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 740,219&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">739,315&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Vectra Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.42% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">545,085&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">507,202&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ASP Chromaflo Dutch I B.V.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/20/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">447,700&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">402,930&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alpha 3 BV&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.45% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/31/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">384,376&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ASP Chromaflo Intermediate Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/20/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">344,300&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">309,870&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Noranda Aluminum Acquisition Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 02/28/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,5</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">517,932&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,076&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Basic Materials</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">17,722,181&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">36







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1ba3db5dc39c4177a82bccdfa4478692">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23679f5a79454cd6bfaa5493bfceaa17">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,6 </sup><font style="font-weight: bold;">&#8211; 38.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 1.5%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Oregon Clean Energy LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 03/02/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,401,356&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,269,281&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Panda Power&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.95% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 08/21/20&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,338,549&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,148,542&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>UGI Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.92% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/13/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,637,625&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,551,650&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Carroll County Energy LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.95% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 02/16/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,492,521&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,414,164&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Franklin Energy (KAMC Holdings, Inc.)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.36% (1 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 4.00%) due 08/14/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,641,750&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,362,652&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EIF Channelview Cogeneration LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% (2 Month USD LIBOR + 4.25% and 3 Month USD LIBOR + 4.25%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 5.25%) due 05/03/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">800,197&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">797,197&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Utilities</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,543,486&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 0.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SeaPort Financing LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.68% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/31/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,476,914&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,255,377&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Summit Midstream Partners, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.00% (1 Month USD LIBOR + 6.00% and 3 Month USD LIBOR + 6.00%,&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Rate Floor: 7.00%) due 05/13/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,094,653&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">192,659&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Permian Production Partners LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 05/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,5</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,805,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">90,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Gavilan Resources LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 03/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">990,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">84,150&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Energy</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,622,436&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Senior Floating Rate Interests</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $272,472,835)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">246,748,706&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 9.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Morgan Stanley Finance LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.50% due 10/23/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13,216,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Markel Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,770,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,770,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>QBE Insurance Group Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.50% due 11/24/43<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,8,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,273,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.88%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">972,325&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cushman &amp; Wakefield US Borrower LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.75% due 05/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,150,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,292,380&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of America Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,155,320&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.30%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,095,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Charles Schwab Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.38%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,178,350&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">37</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze887e4fa3f9f4a73be1e502fdc0ed63c">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zde6e8f71deae469583d715f923984545">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 9.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Equity Investment Life Holding Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% due 06/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,924,502&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Lincoln National Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.38% due 06/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,560,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,765,166&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BBC Military Housing-Navy Northeast LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.30% due 10/15/49&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,800,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,745,986&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citizens Financial Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.33% (3 Month USD LIBOR + 3.96%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,7</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,122,550&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Assurant, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.90% due 03/27/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,086,799&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fort Knox Military Housing Privatization Project&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.82% due 02/15/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,908,377&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,984,637&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>First American Financial Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.00% due 05/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,740,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,864,440&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atlas Mara Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.00% due 12/31/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,738,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NFP Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.00% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,660,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hunt Companies, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.25% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,675,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,474,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Springleaf Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.13% due 03/15/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,455,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Newmark Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.13% due 11/15/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,450,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,332,071&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jefferies Finance LLC / JFIN Company-Issuer Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 08/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,305,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CNB Financial Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,028,878&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fort Benning Family Communities LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.09% due 01/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">721,603&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">829,309&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pacific Beacon LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.63% due 07/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">690,331&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">728,102&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of New York Mellon Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.70%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">670,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">689,262&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Macquarie Bank Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.62% due 06/03/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">640,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">652,351&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Greystar Real Estate Partners LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 12/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">450,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">423,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fort Gordon Housing LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.32% due 05/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">235,872&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>USI, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.88% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">150,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">153,688&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Oxford Finance LLC / Oxford Finance Company-Issuer II, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.38% due 12/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">41,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">38,950&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">62,190,888&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">38







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb29d1f60001c442dbdb8590aa7180e0e">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdc8a42304acd4271a581dd57f06f650f">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 6.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Delta Air Lines, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.00% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,050,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 11,418,447&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Marriott International, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.63% due 06/15/30&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,320,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,368,394&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">490,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">531,073&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Live Nation Entertainment, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 05/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,548,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HP Communities LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.16% due 09/15/53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,188,655&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.82% due 09/15/53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">952,899&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,102,420&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wolverine World Wide, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.38% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,075,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,163,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sabre GLBL, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.38% due 04/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">850,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">805,312&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.25% due 11/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">475,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">448,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aramark Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.38% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,831,883&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.00% due 02/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">110,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">108,350&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hyatt Hotels Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 04/23/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,690,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,781,294&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Six Flags Theme Parks, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.00% due 07/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,575,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,673,437&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Williams Scotsman International, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 08/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,650,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,670,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LBC Tank Terminals Holding Netherlands BV&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,575,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,539,893&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Exide Technologies&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 10/31/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,5,10,15</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,695,392&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,296,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JB Poindexter &amp; Company, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.13% due 04/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,094,918&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Exide International Holdings, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">15.25% (in-kind rate was 4.50%) due 10/31/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,10,15</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">761,242&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">643,249&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vail Resorts, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">630,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">575,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">572,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ferguson Finance plc&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.25% due 06/02/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">490,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">494,528&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United Airlines Class AA Pass Through Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">3.45% due 12/01/27&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">529,198&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">489,626&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Performance Food Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">450,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">471,375&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">39</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0a885040f0da4f4bbf8f11b21074c0dd">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zad0c586eac474782afa60d8f86de6f13">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 6.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Reliance Intermediate Holdings, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.50% due 04/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 403,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Superior Plus Limited Partnership / Superior General Partner, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.00% due 07/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">395,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">402,900&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Brookfield Residential Properties Incorporated / Brookfield Residential US Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.88% due 02/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">325,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">276,152&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Boyd Gaming Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.63% due 06/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">267,065&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Yum! Brands, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.75% due 04/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">221,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Boyne USA, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">150,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">158,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Party City Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.63% due 08/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">544,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,640&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">39,535,389&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 4.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boeing Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.81% due 05/01/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,665,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Encore Capital Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 08/11/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,373,380&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Great Lakes Dredge &amp; Dock Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.00% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,776,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,811,520&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Intertape Polymer Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.00% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,450,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,479,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JELD-WEN, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.25% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,390,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Grinding Media Inc. / MC Grinding Media Canada Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.38% due 12/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,280,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,273,664&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.72% (3 Month USD LIBOR + 3.50%) due 07/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,225,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,215,812&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Princess Juliana International Airport Operating Company N.V.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.50% due 12/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1,3,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,388,504&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,145,807&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mauser Packaging Solutions Holding Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">8.50% due 04/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">959,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Howmet Aerospace, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.88% due 05/01/25&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">800,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">850,019&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cleaver-Brooks, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.88% due 03/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">795,825&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PowerTeam Services LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">9.03% due 12/04/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">690,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">697,887&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GATX Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.00% due 06/30/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">560,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">579,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Harsco Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 07/31/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">489,345&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">40







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc824a6d5bb70427d81017ce132783196">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z406ea73ec80f4aa896f4024dbfae19b6">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 4.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Standard Industries, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.38% due 11/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 407,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Glenn Pool Oil &amp; Gas Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% due 08/02/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">225,111&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">171,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EnPro Industries, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.75% due 10/15/26&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">115,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">112,988&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hillman Group, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.38% due 07/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">40,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">36,029&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Industrial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">27,454,414&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 2.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Kraft Heinz Foods Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.20% due 07/15/45&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,283,817&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.38% due 06/01/46&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">850,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">802,043&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>US Foods, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,020,687&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nathan's Famous, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.63% due 11/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,050,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,019,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Vector Group Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.13% due 02/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,725,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,686,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nielsen Finance LLC / Nielsen Finance Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% due 04/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,650,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,647,442&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sotheby's&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.38% due 10/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,547,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avanos Medical, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.25% due 10/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,360,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,353,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jaguar Holding Company II / PPD Development, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% due 06/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">726,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Endo Finance LLC / Endo Finco, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.25% due 01/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">800,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">696,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Acadia Healthcare Company, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.63% due 02/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">598,374&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>KeHE Distributors LLC / KeHE Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.63% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">580,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Carriage Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.63% due 06/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">475,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">496,375&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.88% due 10/01/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">444,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Beverages &amp; More, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">11.50% due 06/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">650,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">419,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>FAGE International S.A. / FAGE USA Dairy Industry, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.63% due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">189,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Endo Dac / Endo Finance LLC / Endo Finco, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% due 07/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">140,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">107,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">16,616,926&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">41</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd62e4cde795a47ad984fe6d4eae7e0ef">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd04b4db143504da5b8f3d98ca1bb7a71">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 2.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ViacomCBS, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.95% due 05/19/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,390,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,573,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Walt Disney Co.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.80% due 05/13/60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,820,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,216,259&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Altice France S.A.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.38% due 05/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,660,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,747,150&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cengage Learning, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">9.50% due 06/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,416,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">955,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.88% due 05/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,126,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">757,471&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Houghton Mifflin Harcourt Publishers, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">9.00% due 02/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">623,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LCPR Senior Secured Financing DAC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.75% due 10/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">520,185&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ziggo Bond Company BV&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.13% due 02/28/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">512,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Communications</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">14,906,173&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 1.8%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hess Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.60% due 02/15/41&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,550,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,540,029&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.00% due 01/15/40&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">993,946&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.13% due 03/15/33&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">543,894&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CVR Energy, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.25% due 02/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,575,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Husky Energy, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.00% due 04/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">899,568&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.95% due 04/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">604,364&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Global Partners Limited Partnership / GLP Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">7.00% due 08/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,625,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,413,263&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sunoco Logistics Partners Operations, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.25% due 04/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,042,910&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Indigo Natural Resources LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.88% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">895,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">865,912&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Midstream Partners Limited Partnership / American Midstream Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">9.50% due 12/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">895,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">805,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Buckeye Partners, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.35% due 10/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">731,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Antero Resources Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.13% due 12/01/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">221,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">154,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.63% due 06/01/23&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">145,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FLNG Liquefaction 2 LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">4.13% due 03/31/38<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">266,970&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">225,898&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">42







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z308103647fd34a22a780ba4e88a217a3">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7d550fba41af422faa04eba492472502">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CORPORATE BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 29.2% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 1.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Basic Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">10.75% due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 205,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Summit Midstream Holdings LLC / Summit Midstream Finance Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.50% due 08/15/22&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">96,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Schahin II Finance Co. SPV Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 09/25/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,216,133&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">76,008&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Unit Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 05/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">343,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">34,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Energy</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11,952,617&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 1.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United States Steel Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">12.00% due 06/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,780,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,785,975&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BHP Billiton Finance USA Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.75% due 10/19/75<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,8,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,450,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,809,832&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Neon Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">10.13% due 04/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,153,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,109,763&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Kaiser Aluminum Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.50% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,077,562&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Arconic Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.00% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">350,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">362,617&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mirabela Nickel Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 06/24/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,388,176&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">69,409&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Basic Materials</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,215,158&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 0.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Terraform Global Operating LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">6.13% due 03/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,630,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,605,550&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AES Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.95% due 07/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,430,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,435,649&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Petershill II Senior Secured Notes&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">5.00% due 12/02/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">903,181&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Utilities</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,944,380&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 0.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NCR Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.13% due 09/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">597,222&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">8.13% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">525,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">565,031&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">6.38% due 12/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">204,478&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boxer Parent Company, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">7.13% due 10/02/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,161,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">399,428&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,928,034&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Corporate Bonds</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $191,659,248)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">189,743,979&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">43</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd04a7ba7a8b4425d90e6a67d96479b40">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeacbcf5340b24c8782f28d3e3e99bac1">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 19.5%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.9%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Golub Capital Partners CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-36A, 2.64% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,087,527&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-39A, 3.34% (3 Month USD LIBOR + 2.20%, Rate Floor: 2.20%) due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,394,172&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-25A, 2.44% (3 Month USD LIBOR + 1.90%, Rate Floor: 1.90%) due 05/05/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,263,682&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-16A, 3.99% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 07/25/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,352,415&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Diamond CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1A, 4.80% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%) due 07/22/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,533,696&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-1A, 3.70% (3 Month USD LIBOR + 2.60%, Rate Floor: 2.60%) due 07/22/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,280,627&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mountain Hawk II CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-2A, 3.49% (3 Month USD LIBOR + 2.35%, Rate Floor: 0.00%) due 07/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,849,179&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-2A, 4.29% (3 Month USD LIBOR + 3.15%, Rate Floor: 0.00%) due 07/22/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,575,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LoanCore Issuer Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-CRE2, 1.68% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 05/15/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,276,439&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Fortress Credit Opportunities IX CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-9A, 3.04% (3 Month USD LIBOR + 2.65%, Rate Floor: 0.00%) due 11/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,551,868&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marathon CRE Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-FL1, 3.18% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,681,070&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Monroe Capital CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-1A, 4.70% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/22/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,511,753&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-1A, 3.50% (3 Month USD LIBOR + 2.40%, Rate Floor: 0.00%) due 10/22/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,155,821&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>FDF I Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2015-1A, 6.88% due 11/12/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,738,520&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2015-1A, 7.50% due 11/12/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">860,467&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF II Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2016-2A, 7.70% due 05/12/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,582,872&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Denali Capital CLO XI Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1A, 3.29% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%) due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,194,013&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hull Street CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-1A, 3.84% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%) due 10/18/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,086,268&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Newstar Commercial Loan Funding LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-1A, 6.22% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 03/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,826,493&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-1A, 4.62% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">238,474&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avery Point VI CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-6A, 2.54% (3 Month USD LIBOR + 2.00%, Rate Floor: 0.00%) due 08/05/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,956,644&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>MP CLO VIII Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-2A, 2.79% (3 Month USD LIBOR + 1.90%, Rate Floor: 0.00%) due 10/28/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,897,247&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Marathon CLO V Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-5A, 2.22% (3 Month USD LIBOR + 1.85%) due 11/21/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,017,730&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,777,033&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-5A, due 11/21/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,566,667&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">88,090&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NewStar Clarendon Fund CLO LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2015-1A, 5.34% (3 Month USD LIBOR + 4.35%, Rate Floor: 0.00%) due 01/25/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,338,158&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-1A, 4.04% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 01/25/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">518,571&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Exantas Capital Corporation Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-RSO6, 2.68% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 06/15/35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,689,209&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">44







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z79ac02b15ba84d4a899cfa110875c38c">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z543e80df88da45d79a882ffef639dd43">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 19.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.9% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hunt CRE Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-FL1, 3.48% (1 Month USD LIBOR + 3.30%, Rate Floor: 0.00%) due 08/15/34<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,679,508&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cent CLO 19 Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2013-19A, 4.14% (3 Month USD LIBOR + 3.30%, Rate Floor: 0.00%) due 10/29/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,611,445&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avery Point II CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2013-3X COM, due 01/18/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,350,912&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,550,415&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dryden 50 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-50A, due 07/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,555,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,494,614&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Treman Park CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2015-1A, due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,438,335&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>OHA Credit Partners IX Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2013-9A, due 10/20/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,823,852&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,386,641&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dryden Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,998,799&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,335,830&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atlas Senior Loan Fund IX Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-9A, 2.94% (3 Month USD LIBOR + 1.80%, Rate Floor: 1.80%) due 04/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">639,934&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-9A, due 04/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">477,381&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Voya CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1A, due 10/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">983,016&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Jackson Mill CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1A, 3.07% (3 Month USD LIBOR + 1.85%, Rate Floor: 1.85%) due 04/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">945,523&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MMCF CLO LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-2A, 3.62% (3 Month USD LIBOR + 2.40%) due 04/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">903,013&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dryden 41 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2015-41A, due 04/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">578,069&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Great Lakes CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2014-1A, due 10/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,153,846&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">475,822&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dryden 37 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2015-37A, due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">467,728&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Carlyle Global Market Strategies CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2012-3A, due 01/14/32<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">436,628&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Venture XIII CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-13A, due 09/10/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">310,665&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>KVK CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1A, due 01/14/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,300,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">295,327&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>A10 Permanent Asset Financing LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-II, 6.24% (WAC) due 06/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1,6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">233,809&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Babson CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2014-IA, due 07/20/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">116,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>West CLO Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1A, due 11/07/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,11</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,255&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Collateralized Loan Obligations</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">70,681,291&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">45</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf9bceeedfb63493087cc6750f74b9ab7">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z33f0af48834942ec89e0ca578d9f4042">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 19.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Transport-Aircraft &#8211; 2.5%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AASET Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-2, 4.46% due 10/16/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,857,403&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,023,379&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2020-1A, 4.34% due 01/16/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,959,012&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,018,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-1, 4.95% due 05/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,785,783&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">941,895&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-1, 3.84% due 05/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">886,971&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">734,404&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Castlelake Aircraft Securitization Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1, 4.13% due 06/15/43<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,649,896&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,934,811&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">due 12/31/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,054,105&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">490,173&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AASET US Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-2A, 5.43% due 11/18/38<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,630,693&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,400,691&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GAIA Aviation Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-1, 3.97% due 12/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,12</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,702,056&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,341,174&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>KDAC Aviation Finance Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-1A, 4.21% due 12/15/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,540,441&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,265,889&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Falcon Aerospace Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-1, 6.30% due 02/15/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,191,926&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">837,515&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-1, 3.60% due 09/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">332,045&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">257,083&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sapphire Aviation Finance II Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2020-1A, 4.34% due 03/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">941,245&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Stripes Aircraft Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1 A1, 3.67% due 03/20/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">862,804&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">855,824&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sapphire Aviation Finance I Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1A, 4.25% due 03/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">946,574&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">785,389&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Turbine Engines Securitization Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1A, 6.38% due 12/13/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">455,390&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">249,267&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MAPS Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-1A, 4.46% due 03/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">225,860&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">183,757&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Airplanes Pass Through Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2001-1A, due 03/15/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,5,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,677,317&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">668&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Transport-Aircraft</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">16,261,864&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 2.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aesf Vi Verdi LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">1.80% due 11/25/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 9,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,551,486&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Madison Avenue Secured Funding Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-1, 1.72% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/11/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,300,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,300,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nassau LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-1, 3.98% due 08/15/34<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,029,251&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,916,394&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NCBJ&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2015-1A, 5.88% due 07/08/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">729,298&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">699,401&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Financial</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,467,281&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">46







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4ea37faf931240c4a40fdecce9a47eb1">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf5438887cf1d4076ba70a7b01b9de340">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 19.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Infrastructure &#8211; 1.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>VB-S1 Issuer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2020-1A, 6.66% due 06/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,300,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,319,132&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Secured Tenant Site Contract Revenue Notes Series&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2018-1A, 5.92% due 06/15/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,933,683&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,698,342&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Infrastructure</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8,017,474&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Whole Business &#8211; 1.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TSGE&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2017-1, 6.25% due 09/25/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,997,012&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Taco Bell Funding LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1A, 4.32% due 11/25/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">985,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,004,976&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Wingstop Funding LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-1, 4.97% due 12/05/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">990,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,002,988&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Whole Business</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,004,976&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Net Lease &#8211; 0.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CARS-DB4, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2020-1A, 4.95% due 02/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,750,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,414,977&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Transport-Container &#8211; 0.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Textainer Marine Containers V Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2017-1A, 3.72% due 05/20/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,555,402&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,524,152&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Global SC Finance II SRL&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2013-1A, 2.98% due 04/17/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">583,333&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">579,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Transport-Container</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,104,141&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Insurance &#8211; 0.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LTCG Securitization Issuer LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2018-A, 4.59% due 06/15/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,769,902&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,767,448&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CBC Insurance Revenue Securitization LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2016-1, 5.25% due 07/15/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">329,978&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">310,628&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Insurance</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,078,076&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Diversified Payment Rights &#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bib Merchant Voucher Receivables Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">4.18% due 04/07/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,039,554&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Debt Obligations &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Anchorage Credit Funding 4 Ltd.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2016-4A, 5.50% due 02/15/35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">840,438&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Automotive &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hertz Vehicle Financing LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">3.29% due 02/25/24&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">241,297&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2016-2A, 2.95% due 03/25/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">150,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">144,842&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Automotive</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">386,139&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">47</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zde919e7c88ef4b559ff4bb743f50175f">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z02457def99dc4b78a419ccb1f21ecbc4">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 19.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Transport-Rail &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Trinity Rail Leasing, LP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2009-1A, 6.66% due 11/16/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">148,703&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 160,424&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Asset-Backed Securities</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $150,757,255)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">126,456,635&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">COLLATERALIZED MORTGAGE OBLIGATIONS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 10.5%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Residential Mortgage Backed Securities &#8211; 8.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WaMu Asset-Backed Certificates WaMu Series&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-HE4, 0.34% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,169,540&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,620,142&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-HE2, 0.42% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 04/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,183,738&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,474,757&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-HE2, 0.53% (1 Month USD LIBOR + 0.36%, Rate Floor: 0.36%) due 04/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,037,592&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">968,785&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-HE4, 0.42% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/47<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,270,737&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">819,997&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-HE2, 0.36% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,655,544&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">755,820&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Lehman XS Trust Series&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-18N, 0.35% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 12/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,228,144&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,895,517&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-16N, 0.38% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 11/25/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,782,491&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,647,261&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LSTAR Securities Investment Limited&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2019-5, 1.87% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%) due 11/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,386,578&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,295,996&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ameriquest Mortgage Securities Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-M3, 0.34% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 10/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,381,682&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,672,510&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-M3, 0.27% (1 Month USD LIBOR + 0.10%, Rate Floor: 0.10%) due 10/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,221,413&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">898,153&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley ABS Capital I Incorporated Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-HE8, 0.39% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 10/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,376,068&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,708,953&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-HE4, 0.40% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 02/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,638,824&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,432,922&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>RALI Series Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-QO6, 0.35% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 06/25/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,478,684&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,215,543&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-QO6, 0.40% (1 Month USD LIBOR + 0.23%, Rate Floor: 0.23%) due 06/25/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,049,741&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">724,764&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LSTAR Securities Investment Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2019-1, 2.07% (1 Month USD LIBOR + 1.70%, Rate Floor: 0.00%) due 03/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,885,499&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,868,025&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Long Beach Mortgage Loan Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-8, 0.26% (1 Month USD LIBOR + 0.09%, Rate Floor: 0.09%) due 09/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,601,492&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,668,566&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-1, 0.36% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 02/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,356,463&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,115,551&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ACE Securities Corporation Home Equity Loan Trust Series&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2005-HE2, 1.19% (1 Month USD LIBOR + 1.02%, Rate Floor: 0.68%) due 04/25/35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,921,248&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-ASP1, 0.37% (1 Month USD LIBOR + 0.20%, Rate Floor: 0.20%) due 03/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,526,722&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">842,961&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley IXIS Real Estate Capital Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-2, 0.39% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%) due 11/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,131,392&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,379,080&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-2, 0.32% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 11/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,066,718&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">897,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Home Equity Mortgage Loan Asset-Backed Trust Series INABS&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-E, 0.38% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 04/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,162,006&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,243,408&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JP Morgan Mortgage Acquisition Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-WMC3, 0.41% (1 Month USD LIBOR + 0.24%, Rate Floor: 0.24%) due 08/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,605,669&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,946,671&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citigroup Mortgage Loan Trust, Inc.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-AMC3, 0.52% (1 Month USD LIBOR + 0.35%, Rate Floor: 0.35%) due 03/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,298,458&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,932,872&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">48







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1a3206b82aaa49c0a0ab469be376e649">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c9f6314d99c44e7856c3f99ed9ff3b1">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">COLLATERALIZED MORTGAGE OBLIGATIONS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 10.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Residential Mortgage Backed Securities &#8211; 8.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GSAA Home Equity Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-16, 0.34% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 10/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,754,600&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,857,324&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Home Mortgage Assets Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-6, 0.38% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 12/25/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,298,035&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,778,836&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Master Asset Backed Securities Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2006-WMC3, 0.33% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.16%) due 08/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,718,969&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,578,618&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>IXIS Real Estate Capital Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-HE1, 0.28% (1 Month USD LIBOR + 0.11%, Rate Floor: 0.11%) due 05/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,505,571&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">746,693&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-HE1, 0.23% (1 Month USD LIBOR + 0.06%, Rate Floor: 0.06%) due 05/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,520,277&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">740,092&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Mortgage Loan Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-9AR, 0.32% (1 Month USD LIBOR + 0.15%, Rate Floor: 0.15%) due 08/25/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,559,027&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,451,343&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>First NLC Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-1, 0.45% (1 Month USD LIBOR + 0.28%, Rate Floor: 0.28%) due 08/25/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,498,874&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">844,334&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GSAA Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-3, 0.34% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 03/25/47<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,751,944&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">703,070&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TBW Mortgage Backed Pass-Through Certificates&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2006-6, 6.04% due 01/25/37&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,153&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,731&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Residential Mortgage Backed Securities</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">51,650,883&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Military Housing &#8211; 2.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Freddie Mac Military Housing Bonds Resecuritization Trust Certificates&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2015-R1, 5.49% (WAC) due 11/25/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,10</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,672,621&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,311,434&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2015-R1, 1.94% (WAC) due 11/25/55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9,13</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,885,749&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,272&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2015-R1, 0.65% (WAC) due 11/25/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9,13</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">34,428,637&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,090,744&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GMAC Commercial Mortgage Asset Corp.&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2004-POKA, 6.36% due 09/10/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,500,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,210,076&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Capmark Military Housing Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2007-AETC, 5.75% due 02/10/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,579,329&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,537,445&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2007-AET2, 6.06% due 10/10/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">472,741&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">515,846&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Military Housing</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,665,817&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Commercial Mortgage Backed Securities &#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GS Mortgage Securities Corporation Trust&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">2020-DUNE, 2.68% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%) due 12/15/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6,9</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,571,717&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Collateralized Mortgage Obligations</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $77,223,813)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">67,888,417&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">U.S. TREASURY BILLS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 2.6%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>U.S. Treasury Bills&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.01% due 08/20/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,998,033&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.04% due 12/31/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,995,888&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.01% due 09/24/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,998,395&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">0.11% due 03/25/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,995,112&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">0.17% due 08/06/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">599,841&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">1.46% due 06/25/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,14</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">199,984&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total U.S. Treasury Bills</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $16,795,651)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">16,787,253&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">49</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z18432bdb51954a84b29244ac4dcafb79">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6bbdfeaa9126466bbac3d37b4f45f2db">

        <tr>
          <td style="width: 76%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FIXED RATE INTERESTS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>MHGE Parent LLC&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">11.00% due 04/20/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1</sup>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 584,338&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Senior Fixed Rate Interests</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $889,334)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">584,338&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">MUNICIPAL BONDS</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Oklahoma &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Oklahoma Development Finance Authority Revenue Bonds&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">5.45% due 08/15/28&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">463,184&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Municipal Bonds</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Cost $400,000)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">463,184&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 76%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional Value/</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">OTC OPTIONS PURCHASED</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 0.3%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Put options on:&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A., New York 2Y-10 CMS CAP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Expiring July 2022 with strike price of $0.40&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">441,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,203,930&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America, N.A 2Y-10 CMS CAP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Expiring July 2022 with strike price of $0.61&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">165,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">288,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America, N.A. 2Y-10 CMS CAP&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Expiring July 2022 with strike price of $0.40&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">53,000,000&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">144,690&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total OTC Options Purchased</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $1,391,950)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,637,370&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Investments &#8211; 109.4%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(Cost $772,744,623)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 709,927,673&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">LISTED OPTIONS WRITTEN</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; (0.5)%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Call options on:&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">S&amp;P 500 Index&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Expiring June 2020 with strike price of $2,840.00 (Notional Value $44,142,495)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">145&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(3,378,500)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Listed Options Written</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Premiums received $1,435,172)&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(3,378,500)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Other Assets &amp; Liabilities, net &#8211; (8.9)%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(57,657,102)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Net Assets &#8211; 100.0%</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 648,892,071&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">FUTURES CONTRACTS</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z501e3a829e01404d8f2429d8c01147a5">

        <tr>
          <td style="width: 39.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.47%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.62%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.62%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.7%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.59%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value and</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.59%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional</font>&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.59%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Description</font>&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts</font>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Expiration Date</font>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation**</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.59%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">EQUITY FUTURES CONTRACTS PURCHASED</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 39.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>S&amp;P 500 Index Mini Futures Contracts&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">290&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Jun 2020&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$44,058,250&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 8,269,276&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">50







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2840864ecc0d48559faaeaced4367644">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS PROTECTION SOLD<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6feaccfdefb743c18e0dee64feab6ea5">

        <tr>
          <td style="width: 12.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 14.86%; vertical-align: middle;">&#160;</td>
          <td style="width: 6.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.47%; vertical-align: middle;">&#160;</td>
          <td style="width: 7.39%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.88%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.6%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.6%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.61%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;"> <br>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Protection</font>&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Upfront</font>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;"> <br>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Premium</font>&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Payment</font>&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity</font>&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional</font>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Premiums</font>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 7.4%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate&#160;</font></div>
          </td>
          <td style="width: 7.4%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); text-align: right;"><font style="font-weight: bold;">Frequency</font>&#160;</td>
          <td style="width: 7.39%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Received&#160;</font>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); text-align: right;"><font style="font-weight: bold;">Appreciation**</font></td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">BofA Securities,&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 6.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Inc.&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ICE&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CDX.NA.HY.34.V3&#160;</div>
          </td>
          <td style="width: 6.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.00%&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Quarterly&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/20/25&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$15,876,000&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ (292,118)&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ (327,639)&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 35,521&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">BofA Securities,&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 6.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">Inc.&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>ICE&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>CDX.NA.HY.33.V6&#160;</div>
          </td>
          <td style="width: 6.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.00%&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Quarterly&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12/20/24&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">24,225,000&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(491,005)&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,985,749)&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,494,744&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.86%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 6.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (783,123)&#160;</div>
          </td>
          <td style="width: 10.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(2,313,388)&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,530,265&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">TOTAL RETURN SWAP AGREEMENTS</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0df263941c254a649cfe42773fb379e1">

        <tr>
          <td style="width: 13.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 18.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.35%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.5%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value and</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Financing</font>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Payment</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity</font>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate Pay</font>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Frequency</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Units</font>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="5" style="width: 44.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">OTC Fixed Income Index Swap Agreements</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>iShares iBoxx&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>International&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$ High Yield&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.36% (3 Month&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">At Maturity&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">08/03/20&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">451,630&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$37,223,345&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$898,744&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">USD LIBOR - 0.20%)&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 13.53%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bond ETF&#160;</div>
          </td>
          <td style="width: 18.75%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z83f813efa3df45769113831f66add09a">

        <tr>
          <td style="width: 27.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.47%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.35%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value at</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Sell</font>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,240,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,716,437&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,101,052&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 615,385&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,420,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">07/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,407,427&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,015,244&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">392,183&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,440,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,143,623&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">831,676&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">311,947&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,700,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,335,364&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,065,480&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">269,884&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">712,674&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">560,779&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">151,895&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">407,203,500&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">09/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,870,645&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,781,451&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">89,194&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">16,654,900&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,882,148&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,804,034&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">78,114&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">379,189,500&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,587,277&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,516,223&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">71,054&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,707,550&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">01/31/22&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,691,893&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,653,303&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">38,590&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,363,200&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,293,950&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,258,546&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">35,404&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">166,083,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/22/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,570,821&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,540,562&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">30,259&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">749,320&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/15/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">861,699&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">831,782&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">29,917&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Capital Services LLC&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,018,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/30/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,041,273&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,013,494&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">27,779&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">660,240&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/15/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">759,659&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">732,899&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">26,760&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,841,027&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">02/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,410,169&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,391,672&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">18,497&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">60,430,200&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">571,147&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">560,369&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,778&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,723,951&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/22/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">63,634&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">62,370&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,264&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">136,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/16/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">166,150&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">167,938&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,788)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,138,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/16/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,397,276&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,405,242&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(7,966)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">864,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/16/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">938,355&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">959,102&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(20,747)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,168,403&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">51</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za9c0a16726ef4092bdd2279ca2c16ec3">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup> (continued)</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zaeedddb34a83413d8c4ca99daf88f33c">

        <tr>
          <td style="width: 27.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.47%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.35%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value at</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Buy</font>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">21,018,100&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 5,892,376&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,062,580&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 170,204&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,707,550&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">01/31/22&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,554,802&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,653,304&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">98,502&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,841,027&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">02/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,354,445&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,391,672&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">37,227&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">166,083,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/22/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,517,988&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,540,563&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">22,575&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">375,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/30/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">411,246&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">416,396&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,150&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,723,951&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">06/22/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">60,752&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">62,370&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,618&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Barclays Bank plc&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,409,560&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/15/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,578,235&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,564,681&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(13,554)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,930,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">07/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">961,670&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">923,460&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(38,210)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Capital Services LLC&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,930,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">983,482&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">923,460&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(60,022)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,940,000&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,831,370&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,727,310&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(104,060)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">439,619,700&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,220,558&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,076,592&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(143,966)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">407,203,500&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">JPY&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">09/01/20&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,944,471&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,781,451&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(163,020)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15.47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (187,556)&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd89ca1e0e6fc4b149bc1c21025d29455">

        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">&#160;</td>
          <td style="width: 94.94%; vertical-align: middle;">
            <div style="margin-left: 10pt">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">~&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">The face amount is denominated in U.S. dollars unless otherwise indicated.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Non-income producing security.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">**&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of&#160;Assets and Liabilities.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">&#8224;&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Value determined based on Level 1 inputs, unless otherwise noted &#8212; See Note 6.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">&#8224;&#8224;&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Value determined based on Level 2 inputs, unless otherwise noted &#8212; See Note 6.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">&#8224;&#8224;&#8224;&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Value determined based on Level 3 inputs &#8212; See Note 6.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">1&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security was fair valued by the Valuation Committee at May 31, 2020. The total market value of fair&#160;valued securities amounts to $31,281,118, (cost $33,531,939) or 4.8% of total net assets.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">2&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Affiliated issuer.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">3&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">All or a portion of these securities have been physically segregated in connection with futures contracts,&#160;options, borrowings, reverse repurchase agreements and unfunded loan commitments. As
              of May 31, 2020,&#160;the total value of segregated securities was $99,311,185.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">4&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Rate indicated is the 7-day yield as of May 31, 2020.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">5&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security is in default of interest and/or principal obligations.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">6&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Variable rate security. Rate indicated is the rate effective at May 31, 2020. In some instances, the effective&#160;rate is limited by a minimum rate floor or a maximum rate cap established by the
              issuer. The settlement&#160;status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled&#160;at period end and may not have a stated effective rate. In instances where multiple underlying
              reference&#160;rates and spread amounts are shown, the effective rate is based on a weighted average.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">7&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Perpetual maturity.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">8&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">9&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under&#160;guidelines established by the Board of Trustees. The total market value of 144A or
              Section 4(a)(2) securities&#160;is $216,672,292 (cost $233,432,637), or 33.4% of total net assets.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">52







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb719162f259b44c383acc34ed8b7d35a">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z719f0ae4363945748c489d61c925629a">

        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">&#160;</td>
          <td style="width: 94.94%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">10&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and&#160;restricted under guidelines established by the Board of Trustees. The total market
              value of 144A or&#160;Section&#160;4(a)(2) illiquid and restricted securities is $14,170,882 (cost $24,286,712), or 2.2% of total net&#160;assets &#8212; See Note 12.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">11&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">12&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security is a step down bond, with a 3.97% coupon rate until November 14, 2026. Future rate is 2.00%&#160;with a reset date of November 15, 2026.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">13&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Security is an interest-only strip.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">14&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Rate indicated is the effective yield at the time of purchase.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">15&#160;</div>
          </td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Payment in-kind security&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: top; text-align: right;">
            <div style="font-style: italic;">16&#160;</div>
          </td>
          <td colspan="1" style="width: 94.94%; vertical-align: bottom;">
            <div style="margin-left: 10pt; font-style: italic;">Variable rate security. Rate indicated is the rate effective at May 31, 2020. The rate is linked to the volatility-&#160;adjusted performance of the series 1 securities due 2069 of the underlying
              company, Alphas Managed&#160;Accounts Platform LXXIX Limited.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5196b693380b4c82bfb237edb4fdeb34">

        <tr>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 85%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">BofA&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Bank of America&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">BRL&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Brazilian Real&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">CDX.NA.HY.33.V6&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Credit Default Swap North American High Yield Series 33 Index&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">CDX.NA.HY.34.V3&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Credit Default Swap North American High Yield Series 34 Index&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">CMS&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Constant Maturity Swap&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">EURIBOR&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">European Interbank Offered Rate&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">EUR&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Euro&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">GBP&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">British Pound&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">ICE&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Intercontinental Exchange&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">ILS&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Israeli New Shekel&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">JPY&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Japanese Yen&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">LIBOR&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">London Interbank Offered Rate&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">plc&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Public Limited Company&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">SARL&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div>Soci&#233;t&#233; &#224; Responsabilit&#233; Limit&#233;e&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="font-style: italic;">WAC&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Weighted Average Coupon&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">See Sector Classification in Other Information section.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">53</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc51c9ba2e520442fb49492ee11155bdd">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5018479fdba94f7798f9bcb354fa65e8">

        <tr>
          <td style="width: 56.78%; vertical-align: middle;">&#160;</td>
          <td style="width: 43.12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 99.89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Country Diversification</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">% of Long-Term</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Country</font>&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Investments</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United States&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">92.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cayman Islands&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Netherlands&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Canada&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Australia&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>United Kingdom&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>France&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Long-Term Investments</font>&#160;</div>
          </td>
          <td style="width: 43.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following table summarizes the inputs used to value the Fund's investments at May 31, 2020 (See Note 6 in the Notes to Financial Statements):</div>
    <table cellspacing="0" cellpadding="0" id="zd913c93243c34987ab31b1621090decf" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div><font style="font-weight: bold;">Investments in</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Securities (Assets)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>62,801</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>231,854</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,179,186</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,473,841</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Preferred Stocks&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>4,251,150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>4,251,150</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Exchange-Traded Funds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>10,818,589</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>10,818,589</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Closed-End Funds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>36,604,789</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>36,604,789</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Money Market Fund&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>6,469,422</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>6,469,422</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>188,744,476</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>58,004,230</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>246,748,706</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>182,210,947</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>7,533,032</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>189,743,979</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>105,288,708</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>21,167,927</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>126,456,635</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage Obligations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>63,678,341</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>4,210,076</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>67,888,417</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>U.S. Treasury Bills&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,787,253</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,787,253</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Senior Fixed Rate Interests&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>584,338</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>584,338</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Municipal Bonds&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>463,184</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>463,184</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Options Purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,637,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,637,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Futures Contracts*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>8,269,276</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>8,269,276</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Credit Default Swap Agreements*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,530,265</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,530,265</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Total Return Swap Agreements*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Forward Foreign Currency Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2,534,180</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2,534,180</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total Assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>62,224,877</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>568,256,472</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>92,678,789</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>723,160,138</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">54







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze73ebbc8575645dabd64d48204ad99ee">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z9c21a305d7064fe799b73d1b08109004" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div><font style="font-weight: bold;">Investments in</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Securities (Liabilities)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(204, 238, 255);">
            <div>Options Written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,378,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,378,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; background-color: rgb(255, 255, 255);">
            <div>Forward Foreign Currency Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Unfunded Loan Commitments (Note 11)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>266,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>266,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 48%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total Liabilities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>3,378,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>266,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>4,198,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">*&#160; This derivative is reported as unrealized appreciation/depreciation at period end.</div>
    <div style="margin-bottom: 6pt;">Please refer to the detailed Schedule of Investments for a breakdown of investment type by industry category.</div>
    <div style="margin-bottom: 6pt;">The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of the period end, reverse repurchase agreements of $42,445,822 are categorized
      as Level 2 within the disclosure hierarchy &#8212; See Note 7.</div>
    <div style="margin-bottom: 6pt;">The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z028050652c6f47858d0fd966f11c2320">

        <tr>
          <td style="width: 23%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.88%; vertical-align: middle;">
            <div style="margin-left: 10pt">&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ending Balance</font>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom;">
            <div style="margin-left: 10pt;"><font style="font-weight: bold;">Valuation</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Unobservable</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Input</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Weighted</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Category</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">at May 31, 2020</font>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="margin-left: 10pt;"><font style="font-weight: bold;">Technique</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Inputs</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Range</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Average*</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Assets:</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$12,851,486&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Third Party Pricing&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,459,949&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Yield Analysis&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4.0%-13.0%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">856,492&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Option Adjusted Spread&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">off prior month end&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">broker quote&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,210,076&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Option Adjusted Spread&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Obligations&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">off prior month end&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">broker quote&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">666,570&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Third Party Pricing&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">512,616&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Enterprise Value&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Valuation Multiple&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.6x-15.8x&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10.1x&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,484,044&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Option Adjusted Spread&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">off prior month end&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">broker quote&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,048,988&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Yield Analysis&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6.4%-10.0%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Fixed Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">584,338&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Model Price&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Market Comparable Yields&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11.6%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">37,329,003&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Third Party Pricing&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8,971,447&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Yield Analysis&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.2%-15.1%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,893,551&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Model Price&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Market Comparable Yields&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5.8%-12.3%&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,991,038&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Model Price&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">819,191&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Enterprise Value&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Valuation Multiple&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.5x-9.8x&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.7x&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total Assets&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$92,678,789&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Liabilities:</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Unfunded Loan Commitments&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right; background-color: rgb(255, 255, 255);">$ 266,911&#160;</td>
          <td style="width: 21.88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Model Price&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Purchase Price&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">*&#160; Inputs are weighted by the fair value of the instruments.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">55</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z03a733207e2747b3abbf48abd5f7cbf7">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Significant changes in a quote, yield, market comparable yields, liquidation value or valuation multiples would generally result in significant changes in the fair value of the security.</div>
    <div style="margin-bottom: 6pt;">The Fund&#8217;s fair valuation leveling guidelines were revised to classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3 rather than Level 2, if such a quote or
      price cannot be supported with other available market information.</div>
    <div style="margin-bottom: 6pt;">Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment&#8217;s valuation changes. For the year ended May 31, 2020, the Fund had securities with a total value
      of $30,042,730 transfer into Level 3 from Level 2 due to a lack of observable inputs.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Summary of Fair Value Level 3 Activity</div>
    <div style="margin-bottom: 6pt;">Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the year ended May 31, 2020:</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z94b94ba40e08409f8a29ffd796063cfb" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 12%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 12%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="30" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"> <font style="font-weight: bold;">Assets</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Senior</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Senior</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right;">&#160;<font style="font-weight: bold;">Asset-</font></td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Collateralized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Floating</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Fixed</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unfunded</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Backed</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Mortgage</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Corporate</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Common </font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right;"><font style="font-weight: bold;">Preferred</font></td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Loan</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 12%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Securities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Obligations</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Bonds</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interests </font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 4px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Warrants</font> </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Stocks</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Stocks</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interests</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets </font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; text-align: right; border-bottom: 4px solid rgb(0, 0, 0);"><font style="font-weight: bold;">Commitments</font> </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 12%;">
            <div>Beginning&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Balance&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>9,756,075</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>3,932,893</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>4,421,050</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>20,824,542</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>131</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>717,392</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">559,157</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">835,218</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">41,046,458</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">
            <div>(633,706</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div>Purchases/&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(Receipts)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>13,297,831</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>3,730,070</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>19,861,217</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>32,240</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>36,921,358</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">
            <div>(370,365</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div>(Sales,&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">maturities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="4" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 10pt;">and paydowns)/ </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 10%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 8%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Fundings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>(563,849</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>(826,407</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>(10,325,023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">(16,303</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>(39,350</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">(685,803</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">(12,456,735</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">
            <div>922,127</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div>Amortization of&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">premiums/&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">discounts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>351,401</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(7,582</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>69,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>109,215</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>5,613</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>528,619</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div>Total realized&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">gains (losses)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">included&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">in earnings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(645,355</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>16,303</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>31,699</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>94,406</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(502,947</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>153,908</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div>Total change in&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">unrealized&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">appreciation&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">(depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">included&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">in earnings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(1,673,531</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>284,765</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(1,007,460</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(50,719</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(131</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(197,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(256,493</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">
            <div>(2,900,694</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">
            <div>(338,875</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div>Transfers into&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Level 3&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,145,807</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>28,230,353</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>666,570</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>30,042,730</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Ending Balance&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>21,167,927</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>4,210,076</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">7,533,032</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>58,004,230</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>1,179,186</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">584,338</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">92,678,789</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(266,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div>Net change in&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">unrealized&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">appreciation&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">(depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">for investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="4" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 10pt;">in Level 3 securities </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 10%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 5%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); width: 8%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">still held at&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 12%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">May 31, 2020&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1,673,531</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>284,765</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1,007,460</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">(639,336</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(197,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">(256,493</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 5%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">(3,489,180</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 8%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(137,005</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">56







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdd39626e933b466e95b179d9c77c8236">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Affiliated Transactions</div>
    <div style="margin-bottom: 6pt;">Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated issuer, as
      defined in the 1940 Act.</div>
    <div style="margin-bottom: 6pt;">Transactions during the year ended May 31, 2020, in which the company is an affiliated issuer, were as follows:</div>
    <table cellspacing="0" cellpadding="0" id="zce61fa1ab30b40a6b263dc24567364e3" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Change in</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares/</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Realized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;"> Face</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;"> Gain</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Security Name</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">05/31/19</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Additions</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Reductions</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Loss)</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">05/31/20</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">05/31/20</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Common Stocks</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);">
            <div>BP Holdco LLC<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*,1</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>19,447</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(3,386</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>16,061</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>55,076</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
            <div>Targus Group&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">International Equity, Inc<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*,1</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>28,515</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(7,652</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2,228</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>23,091</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>12,989</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Senior Floating Rate Interests</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(255, 255, 255);">
            <div>Targus Group&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">International, Inc.&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">due 05/24/16&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>**</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(145,383</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>145,383</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>47,962</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(7,652</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(145,383</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>144,225</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>39,152</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -20pt; margin-left: 20pt;">* &#160;&#160;&#160;&#160;Non-income producing security.</div>
    <div style="margin-bottom: 6pt; text-indent: -20pt; margin-left: 20pt;">** &#160;&#160; Market value is less than $1.</div>
    <div style="margin-bottom: 6pt; text-indent: -20pt; margin-left: 20pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160; <font class="HorizontalTab" style="width: 10pt; font-size: 1px; display: inline-block;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;







      </font>Security was fair valued by the Valuation Committee at May 31, 2020. The total market value of fair valued and affiliated securities amounts to $39,152, (cost $25,276) or less than 0.1% of total net assets.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">57</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcb3fcfac5de6441f8e3d6128b4ef1401">

        <tr>
          <td style="width: 81.82%; vertical-align: middle;">&#160;</td>
          <td style="width: 18.18%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 81.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">STATEMENT OF ASSETS AND LIABILITIES</font>&#160;</div>
          </td>
          <td style="width: 18.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd9d35bde965a4243bd3bccc13b46e835" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="4" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">ASSETS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Investments in unaffiliated issuers, at value (cost $772,719,347)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>709,888,521</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Investments in affiliated issuers, at value (cost $25,276)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>39,152</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Cash&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>985,434</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Restricted cash&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>6,548,485</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Unrealized appreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2,534,180</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Unrealized appreciation on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Prepaid expenses&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>32,819</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Receivables:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments sold&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>7,615,569</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Interest&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,540,922</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Fund shares sold&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>1,338,986</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Protection fees on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>406,580</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Swap settlement&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>156,878</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Variation margin on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>100,596</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Dividends&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>65,791</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Variation margin on futures contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>5,800</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Tax reclaims&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>3,940</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total assets</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>734,162,397</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">LIABILITIES:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Reverse repurchase agreements (Note 7)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>42,445,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Borrowings (Note 8)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>19,300,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Unfunded loan commitments, at value (Note 11) (Commitment fees received $538,127)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>266,911</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Options written, at value (proceeds $1,435,172)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,378,500</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Unamortized upfront premiums received on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>2,313,388</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Unrealized depreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Interest due on borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>21,774</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Segregated cash due to broker&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,850,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Payable for:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investments purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>11,891,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>598,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Offering costs&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>385,041</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Professional fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>166,775</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Trustees&#8217; fees and expenses*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other liabilities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>95,126</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total liabilities</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>85,270,326</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>648,892,071</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS CONSIST OF:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Common stock, $0.01 par value per share; unlimited number of shares&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">authorized, 42,426,020 shares issued and outstanding&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>424,260</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Additional paid-in capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>749,269,831</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total distributable earnings (loss)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(100,802,020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">NET ASSETS</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>648,892,071</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Shares outstanding ($0.01 par value with unlimited amount authorized)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>42,426,020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>15.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">*&#160; Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 act.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">58







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5bca2f7be57047219416e7881810dec1">

        <tr>
          <td style="width: 67.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 32.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">STATEMENT OF OPERATIONS</font>&#160;</div>
          </td>
          <td style="width: 32.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 67.68%; vertical-align: bottom;">
            <div>For the Year Ended May 31, 2020&#160;</div>
          </td>
          <td style="width: 32.32%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4c818d06032c4fb697a5e02d39ac687d" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="4" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">INVESTMENT INCOME:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Interest from securities of unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>41,130,094</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Dividends from securities of unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1,723,588</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Total investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>42,853,682</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">EXPENSES:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>6,687,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Professional fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>254,124</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Interest expense&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>148,314</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Fund accounting fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>140,927</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Administration fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>140,307</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Trustees' fees and expenses*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>118,418</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Printing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>114,038</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Custodian fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>91,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Registration and filing fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>61,165</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Short sales interest expense&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>55,055</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Transfer agent fees&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>20,780</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Insurance&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>13,665</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Miscellaneous&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>110,711</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Total expenses&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>7,956,021</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>34,897,661</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">NET REALIZED AND UNREALIZED GAIN (LOSS):</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investments in unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(16,302,535</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments in affiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(145,383</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investments sold short&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>78,848</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(634,548</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Futures contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(3,863,382</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(749,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(6,587,530</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>1,110,176</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Foreign currency transactions&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>46,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net realized loss&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(27,046,942</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation (depreciation) on:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments in unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(47,967,902</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Investments in affiliated issuers&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>144,225</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Investments sold short&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>133,496</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>3,095,680</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Futures contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>8,287,445</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(125,028</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(1,922,987</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,169,283</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Foreign currency translations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(65</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(36,185,853</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net realized and unrealized loss&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(63,232,795</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Net decrease in net assets resulting from operations</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(28,335,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">*&#160; Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">59</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1bbf1eea0c33408386d5106ab9ee8818">

        <tr>
          <td style="width: 77.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.73%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENTS OF CHANGES IN NET ASSETS</font>&#160;</div>
          </td>
          <td style="width: 22.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 99.89%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z272b6cbd26eb4e1bb0f5998961f6c0f4" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="8" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;"> May 31, 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31, 2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>34,897,661</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>30,692,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Net realized loss on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(27,046,942</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(9,560,369</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(36,185,853</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(2,624,459</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net increase (decrease) in net assets resulting from operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(28,335,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>18,507,602</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">DISTRIBUTIONS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(33,846,511</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(40,514,482</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(52,158,126</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(28,880,612</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total distributions&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(86,004,637</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(69,395,094</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" colspan="8" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SHAREHOLDER TRANSACTIONS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Proceeds from shares issued through at-the-market offering&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>112,581,936</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>155,705,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div>Reinvestments of distributions&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>9,101,002</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>6,817,561</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Common shares offering costs charged to paid-in capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(275,710</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(61,023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net increase in net assets resulting from shareholder transactions&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>121,407,228</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>162,461,685</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(204, 238, 255);">
            <div>Net increase in net assets&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>7,067,457</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>111,574,193</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Beginning of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>641,824,614</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>530,250,421</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 74%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">End of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>648,892,071</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>641,824,614</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">60







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6c18fc97ac264d7fa1234e92fce2474a">

        <tr>
          <td style="width: 79.8%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.2%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">STATEMENT OF CASH FLOWS</font>&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 79.8%; vertical-align: bottom;">
            <div>For the Year Ended May 31, 2020&#160;</div>
          </td>
          <td style="width: 20.2%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z563807f244384822835a2b5c9d440dac" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash Flows from Operating Activities:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net decrease in net assets resulting from operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(28,335,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Net Cash Used in Operating and Investing Activities:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>47,690,181</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>125,028</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,922,987</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(1,040,794</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net change in unrealized (appreciation) depreciation on forward foreign&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 20pt;">currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(2,169,283</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net realized loss on investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>16,369,070</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net realized loss on options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>749,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net realized loss on option written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>6,587,530</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net realized gain on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(520,712</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Purchase of long-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(439,867,408</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Proceeds from sale of long-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>252,361,578</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net proceeds from sale of short-term investments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>74,194,470</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Return of capital distributions received from invested companies&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>58,088</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Net accretion of bond discount and amortization of bond premium&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(10,929,975</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Corporate actions and other payments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>49,015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Premiums received on options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>7,225,144</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Cost of closing options written&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(12,563,691</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Commitment fees received and repayments of unfunded loan commitments&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(741,647</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in dividends receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(65,791</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in interest receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(404,777</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in investments sold receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(7,121,955</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in swap settlement receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(156,878</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in variation margin on futures contracts receivable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(21,160</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in variation margin on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>20,704</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in prepaid expenses&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(3,997</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in tax reclaims&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1,959</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in protection fees on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(645,331</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in investments purchased payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>490,753</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in interest payable on borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>21,774</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Decrease in professional fees payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(37,955</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Increase in segregated cash due to broker&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>3,850,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in investment advisory fees payable&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>38,251</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Decrease in trustees&#8217; fees and expenses payable*&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(21,024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Increase in other liabilities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>21,067</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 20pt;">Net Cash Used in Operating and Investing Activities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(92,874,697</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">61</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z00a0afa2d60c4e96b6c260926b97efed">

        <tr>
          <td style="width: 78.78%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.22%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 78.78%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">STATEMENT OF CASH FLOWS continued</font>&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.78%; vertical-align: bottom;">
            <div>For the Year Ended May 31, 2020&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbccf2a0112ae4aaaa2c0357fb017d60c" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" rowspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" rowspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash Flows From Financing Activities:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Distributions to common shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(76,903,635</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Proceeds from the issuance of common shares&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>111,969,293</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Proceeds from borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>40,000,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Payments made on borrowings&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(20,700,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Proceeds from reverse repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>70,945,293</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 10pt;">Payments made on reverse repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(28,499,471</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Offering costs in connection with the issuance of common shares&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(326,463</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 20pt;">Net Cash Provided by Financing Activities&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>96,485,017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">Net increase in cash&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>3,610,320</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash at Beginning of Year (including foreign currency and restricted cash)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>3,923,599</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Cash at End of Year (including restricted cash)</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>7,533,919</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Supplemental Disclosure of Cash Flow Information:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Cash paid during the year for interest</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>164,226</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 87%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Supplemental Disclosure of Non Cash Financing Activity: Dividend reinvestment</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>9,101,002</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">*&#160; Relates to Trustees not deemed &#8220;interested persons&#8221; within the meaning of Section 2(a)(19) of the 1940 Act.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">62







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdd1a7abffcd445ef82d188cab43cd53c">

        <tr>
          <td style="width: 56.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 43.44%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS</font>&#160;</div>
          </td>
          <td style="width: 43.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zff6b0336f27849b4841eb2b28171e67b" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;"> May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;"> 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2018</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2017</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2016</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Per Share Data:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net asset value, beginning of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>17.91</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.78</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>17.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Income from investment operations:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div>Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>0.89</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>0.97</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1.23</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1.40</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net gain (loss) on investments (realized and unrealized)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.32</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>0.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>0.30</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>2.86</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(1.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total from investment operations&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.43</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.53</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>4.47</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Less distributions from:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(0.86</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1.12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(2.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(2.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1.82</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Capital gains&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.16</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(0.36</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(1.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(0.91</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>(2.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net asset value, end of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>15.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>17.91</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>19.78</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>17.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Market value, end of period&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>16.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>19.96</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>21.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>20.94</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>17.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Return</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(b)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(2.79</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>5.43</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>8.02</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>26.76</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>0.80</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Market value&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(7.96</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>4.94</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>13.31</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>33.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(6.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Ratios/Supplemental Data:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net assets, end of period (in thousands)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>648,892</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>641,825</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>530,250</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>410,465</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>310,246</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div>Ratio to average net assets of:&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Net investment income, including interest expense&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>5.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>5.26</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>6.27</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>8.55</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>7.79</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total expenses, including interest expense<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(c)(d)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.21</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.17</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>1.52</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.35</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2.38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Portfolio turnover rate&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>41</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>48</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>41</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>116</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>%</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 63</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcd10c651f1a24e9e9d219db8b90ebe42">

        <tr>
          <td style="width: 60.61%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.39%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60.61%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS continued</font>&#160;</div>
          </td>
          <td style="width: 39.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd1de9dfde849437eb2709c8a2594087c" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;"> May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31,</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;"> 2020</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2019</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2018</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2017</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">2016</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="20" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Senior Indebtedness:</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255);">
            <div>Borrowings-committed facility agreement (in thousands)&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>19,300</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>16,705</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>9,355</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 35%; background-color: rgb(255, 255, 255);">
            <div>Asset Coverage per $1,000 of borrowings<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>34,621</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>N/A</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>25,571</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>34,164</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcc27ef08d3694eff95884840fc329c3d">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>(a)&#160;</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Based on average shares outstanding.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>(b)&#160;</div>
          </td>
          <td colspan="1" style="width: 95%; vertical-align: bottom;">
            <div>Total return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value (&#8220;NAV&#8221;) or&#160;market price per share. Dividends and distributions are
              assumed to be reinvested at NAV for NAV returns or the prices obtained under the Fund&#8217;s Dividend Reinvestment Plan for&#160;market value returns. Total return does not reflect brokerage commissions. A return calculated for a period of less than
              one year is not annualized.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>(c)&#160;</div>
          </td>
          <td colspan="1" style="width: 95%; vertical-align: bottom;">
            <div>The ratios of total expenses to average net assets applicable to common shares do not reflect fees and expenses incurred indirectly by the Fund as a result of its investment in shares&#160;of other investment companies. If these fees were
              included in the expense ratios, the expense ratios would increase by 0.08%, 0.00%*, 0.00%*, 0.00%*, and 0.02% for the years ended&#160;May 31, 2020, 2019, 2018, 2017 and 2016, respectively.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>(d)&#160;</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt;">Excluding interest expense, the operating expense ratios for the years ended May 31 would be:&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9608c7f33e9a4e8b95f899107fad989d">

        <tr>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2019</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2018</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2017</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">2016</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.17%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.15%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.33%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.62%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.74%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z75f7e528cbdb416b97343190fdaa7168">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 95%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>(e)&#160;</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div>Calculated by subtracting the Fund&#8217;s total liabilities (not including the borrowings) from the Fund&#8217;s total assets and dividing by the borrowings.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>*&#160;</div>
          </td>
          <td style="width: 95%; vertical-align: bottom;">
            <div>Less than 0.01%.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">64







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd22f2ad35f69435e978662d232de8b78">

        <tr>
          <td style="width: 66.67%; vertical-align: middle;">&#160;</td>
          <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 66.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS</font>&#160;</div>
          </td>
          <td style="width: 33.33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 1 &#8211; <font style="font-weight: bold;">Organization</font></div>
    <div style="margin-bottom: 6pt;">Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) was organized as a Delaware statutory trust on November 13, 2006. The Fund is registered as a diversified, closed-end management investment company under the
      Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</div>
    <div style="margin-bottom: 6pt;">The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation.</div>
    <div style="margin-bottom: 6pt;">Note 2 &#8211; <font style="font-weight: bold;">Significant Accounting Policies</font></div>
    <div style="margin-bottom: 6pt;">The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification Topic
      946 Financial Services &#8211; Investment Companies.</div>
    <div style="margin-bottom: 6pt;">The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and are consistently followed by the Fund. This requires management to make estimates and
      assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could
      differ from these estimates. All time references are based on Eastern Time.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(a) Valuation of Investments</div>
    <div style="margin-bottom: 6pt;">The Board of Trustees of the Fund (the &#8220;Board&#8221;) has adopted policies and procedures for the valuation of the Fund's investments (the &#8220;Valuation Procedures&#8221;). Pursuant to the Valuation Procedures, the Board has delegated
      to a valuation committee, consisting of representatives from Guggenheim&#8217;s investment management, fund administration, legal and compliance departments (the &#8220;Valuation Committee&#8221;), the day-to-day responsibility for implementing the Valuation
      Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund&#8217;s securities and/or other assets.</div>
    <div style="margin-bottom: 6pt;">Valuations of the Fund's securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or
      more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund's officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the
      Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.</div>
    <div style="margin-bottom: 6pt;">If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.</div>
    <div style="margin-bottom: 6pt;">Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (&#8220;NASDAQ&#8221;) National Market System shall generally be valued on the basis
      of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the
      last sale price.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">65</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7cfab1286b7e427c8119bd0d800b2f8c">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.</div>
    <div style="margin-bottom: 6pt;">Open-end investment companies are valued at their net asset value (&#8220;NAV&#8221;) as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale
      price.</div>
    <div style="margin-bottom: 6pt;">Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange (&#8220;NYSE&#8221;). The values of foreign securities are determined as of the
      close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m.
      Investments in foreign securities may involve risks not present in domestic investments. The Valuation Committee will determine the current value of such foreign securities by taking into consideration certain factors which may include those
      discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, ADR trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that
      are tied to foreign securities. In addition, under the Valuation Procedures, the Valuation Committee and Guggenheim Funds Investment Advisors, LLC (&#8220;GFIA&#8221; or the &#8220;Adviser&#8221;) are authorized to use prices and other information supplied by a third party
      pricing vendor in valuing foreign securities.</div>
    <div style="margin-bottom: 6pt;">Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade
      activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at
      acquisition are valued at amortized cost, provided such amount approximates market value.</div>
    <div style="margin-bottom: 6pt;">Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.</div>
    <div style="margin-bottom: 6pt;">Typically, loans are valued using information provided by an independent third party pricing service which uses broker quotes, among other inputs. If the pricing service cannot or does not provide a valuation for a
      particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Valuation Committee.</div>
    <div style="margin-bottom: 6pt;">Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded. Over-the-counter (&#8220;OTC&#8221;) options are valued using a price provided by a pricing service.</div>
    <div style="margin-bottom: 6pt;">The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial
      futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange.
      However, the underlying securities from which</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">66







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z40cc731f68b440269c70b0f5d5e322e1">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.</div>
    <div style="margin-bottom: 6pt;">The value of interest rate swap agreements entered into by the Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined using the previous day&#8217;s Chicago Mercantile
      Exchange close price, adjusted for the current day&#8217;s spreads.</div>
    <div style="margin-bottom: 6pt;">The values of other swap agreements entered into by the Fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value
      of the index or other underlying position that the swaps pertain to at the close of the NYSE.</div>
    <div style="margin-bottom: 6pt;">Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.</div>
    <div style="margin-bottom: 6pt;">Investments for which market quotations are not readily available are fair-valued as determined in good faith by GFIA, subject to review and approval by the Valuation Committee, pursuant to methods established or
      ratified by the Board. Valuations in accordance with these methods are intended to reflect each security&#8217;s (or asset&#8217;s or liability&#8217;s) &#8220;fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary
      from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and
      characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(b) Investment Transactions and Investment Income</div>
    <div style="margin-bottom: 6pt;">Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the
      ex-dividend date and interest income is recorded on an accrual basis. Discounts or premiums on debt securities purchased are accreted or amortized to interest income using the effective interest method. Interest income also includes paydown gains and
      losses on mortgage-backed and asset-backed securities, and senior and subordinated loans. Amendment fees are earned as compensation for evaluating and accepting changes to the original loan agreement.</div>
    <div style="margin-bottom: 6pt;">The Fund may receive other income from investments in senior loan interests, including amendment fees, consent fees and commitment fees. For funded loans, these fees are recorded as income when received by the Fund and
      included in interest income on the Statement of Operations. For unfunded loans, commitment fees are included in realized gain on investments on the Statement of Operations at the end of the commitment period.</div>
    <div style="margin-bottom: 6pt;">Income from residual collateralized loan obligations is recognized using the effective interest method. At the time of purchase, management estimates the future expected cash flows and determines the effective yield and
      estimated maturity date based on the estimated cash flows.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">67</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7f44d47d82334a7d9eadc9bacaab299a">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(c) Senior Floating Rate Interests and Loan Investments</div>
    <div style="margin-bottom: 6pt;">Senior floating rate interests in which the Fund invests generally pay interest rates which are periodically adjusted by reference to a base short term floating rate, plus a premium. These base lending rates are
      generally (i) the lending rate offered by one or more major European banks, such as the one-month or three-month London Inter-Bank Offered Rate (&#8220;LIBOR&#8221;), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank&#8217;s
      certificate of deposit rate. Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. As a result, the
      actual remaining maturity may be substantially less than the stated maturities shown on the Schedule of Investments.</div>
    <div style="margin-bottom: 6pt;">The Fund invests in loans and other similar debt obligations (&#8220;obligations&#8221;). A portion of the Fund's investments in these obligations is sometimes referred to as &#8220;covenant lite&#8221; loans or obligations (&#8220;covenant lite
      obligations&#8221;), which are obligations that lack covenants or possess fewer or less restrictive covenants or constraints on borrowers than certain other types of obligations. The Fund may also obtain exposure to covenant lite obligations through
      investment in securitization vehicles and other structured products. In recent market conditions, many new or reissued obligations have not featured traditional covenants, which are intended to protect lenders and investors by (i) imposing certain
      restrictions or other limitations on a borrower&#8217;s operations or assets or (ii) providing certain rights to lenders. The Fund may have fewer rights with respect to covenant lite obligations, including fewer protections against the possibility of
      default and fewer remedies in the event of default. As a result, investments in (or exposure to) covenant lite obligations are subject to more risk than investments in (or exposure to) certain other types of obligations. The Fund is subject to other
      risks associated with investments in (or exposure to) obligations, including that obligations may not be considered &#8220;securities&#8221; and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws
      and instead may have to resort to state law and direct claims.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(d) Currency Translations</div>
    <div style="margin-bottom: 6pt;">The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales
      of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar
      can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments,
      all of which could affect the market and/or credit risk of the investments.</div>
    <div style="margin-bottom: 6pt;">The Fund does not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">68







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc8512f4578ed4674acabba5a8a421a9a">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.</div>
    <div style="margin-bottom: 6pt;">Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized
      appreciation and depreciation arise from changes in the fair values of assets and liabilities, other than investments in securities, at the fiscal period end, resulting from changes in exchange rates.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(e) Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-bottom: 6pt;">Forward foreign currency exchange contracts are agreements between two parties to buy and sell currencies at a set price on a future date. Fluctuations in the value of open forward foreign currency exchange contracts
      are recorded for financial reporting purposes as unrealized appreciation and depreciation by the Fund until the contracts are closed. When the contracts are closed, realized gains and losses are recorded, and included on the Statement of Operations
      in forward foreign currency exchange contracts.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(f) Distributions to Shareholders</div>
    <div style="margin-bottom: 6pt;">The Fund declares and pays monthly distributions to common shareholders. These distributions consist of investment company taxable income, which generally includes qualified dividend income, ordinary income and
      short-term capital gains. Any net realized long-term capital gains are distributed annually to common shareholders. To the extent distributions exceed taxable income, the excess will be deemed a return of capital.</div>
    <div style="margin-bottom: 6pt;">Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(g) Restricted Cash</div>
    <div style="margin-bottom: 6pt;">A portion of cash on hand relates to collateral received by the Fund for repurchase agreements and futures contracts. This amount, if any, is presented on the Statement of Assets and Liabilities as Restricted Cash. At
      May 31, 2020, there was $6,548,485 of restricted cash outstanding.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(h) U.S. Government Agency Obligations</div>
    <div style="margin-bottom: 6pt;">Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedule of Investments reflect the effective rates paid at the time of purchase by the Fund. Other
      securities bear interest at the rates shown, payable at fixed dates through maturity.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(i) Swap Agreements</div>
    <div style="margin-bottom: 6pt;">Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are
      recognized as realized gains or losses.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">69</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z47f9fe81ee324fab88d06a4a3fbb2f05">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Upon entering into certain centrally-cleared swap transactions, the Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or
      payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or
      loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.</div>
    <div style="margin-bottom: 6pt;">Upfront payments received or made by the Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by the Fund are
      recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(j) Options</div>
    <div style="margin-bottom: 6pt;">Upon the purchase of an option, the premium paid is recorded as an investment, the value of which is marked-to-market daily. If a purchased option expires, the Fund realizes a loss in the amount of the cost of the
      option. When the Fund enters into a closing sale transaction, it realizes a gain or loss depending on whether the proceeds from the closing sale transaction are greater or less than the cost of the option. If the Fund exercises a put option, it
      realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. When the Fund exercises a call option, the cost of the security purchased by the Fund upon exercise
      increases by the premium originally paid.</div>
    <div style="margin-bottom: 6pt;">When the Fund writes (sells) an option, an amount equal to the premium received is entered in that Fund&#8217;s accounting records as an asset and equivalent liability. The amount of the liability is subsequently
      marked-to-market to reflect the current value of the option written. When a written option expires, or if the Fund enters into a closing purchase transaction, it realizes a gain (or loss if the cost of a closing purchase transaction exceeds the
      premium received when the option was sold).</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(k) Futures Contracts</div>
    <div style="margin-bottom: 6pt;">Upon entering into a futures contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to
      receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the
      contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">(l) Indemnifications</div>
    <div style="margin-bottom: 6pt;">Under the Fund's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout the normal course of
      business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund&#8217;s maximum</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">70







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb1200319c1c6400c881c5c2a89ab3647">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the
      risk of loss to be remote.</div>
    <div style="margin-bottom: 6pt;">Note 3 &#8211; <font style="font-weight: bold;">Derivatives</font></div>
    <div style="margin-bottom: 6pt;">As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the
      Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 2 of these Notes to Financial Statements.</div>
    <div style="margin-bottom: 6pt;">Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be
      used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher
      investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand
      how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund&#8217;s financial position and results of operations.</div>
    <div style="margin-bottom: 6pt;">The Fund utilized derivatives for the following purposes:</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Hedge: </font>an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Income: </font>the use of any instrument that distributes cash flows typically based upon some rate of interest.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Index Exposure: </font>the use of an instrument to obtain exposure to a listed or other type of index.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Options Purchased and Written</div>
    <div style="margin-bottom: 6pt;">A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and
      the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund's use and volume of call/put options purchased on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3177aadc96ff426bae6f3fd1ba94d7ab">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;<font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Call</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Put</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8212;&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$606,878,005&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">71</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb8871d174d894b239929c9e1ed9897a3">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;"><br>
          </td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if
      the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a
      closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty&#8217;s inability to perform.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund's use and volume of call/put options written on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf1cac547cf443f2ad7914bd521c18bf">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Call</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Put</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge, Income&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$14,466,669&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; text-indent: 2.3pt;">$&#8211;*&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">*&#160; Put options written were outstanding for 52 days during the year ended May 31, 2020. The daily average outstanding notional amount of put options written during the year was
      $34,319,538.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Futures Contracts</div>
    <div style="margin-bottom: 6pt;">A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a
      Fund&#8217;s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures
      contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because
      futures are exchange-traded and the exchange&#8217;s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Statement of Assets and Liabilities; securities
      held as collateral are noted on the Schedule of Investments.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund's use and volume of futures on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf60a9edb0f47480ea7bd9c03e9846b9b">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Long</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Short</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Index Exposure&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$14,449,716&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Swap Agreements</div>
    <div style="margin-bottom: 6pt;">A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an
      underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in
      value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to
      centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">72







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za464595ff1e044dea2f7c53efae3eadc">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">exchange-traded futures contracts. For a fund utilizing centrally cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an
      underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.</div>
    <div style="margin-bottom: 6pt;">Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps
      will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated
      with the swap agreement. When utilizing total return swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying
      reference asset declines in value.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund&#8217;s use and volume of total return swaps on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf808c15c1bc45058bd2ff070c3224c7">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Long</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Short</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Income&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$4,704,960&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Interest rate swaps involve the exchange by the Fund with another party for its respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are
      generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund&#8217;s use and volume of interest rate swaps on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze885351153a94e26b28646f52351905b">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Pay</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Receive</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Floating Rate</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Floating Rate</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;*&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">*&#160; Interest rate swap agreements were outstanding for 216 days during the year ended May 31, 2020. The daily average outstanding notional amount of interest rate swap agreements
      during the year was $2,400,000.</div>
    <div style="margin-bottom: 6pt;">Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. The Fund enters into
      credit default swaps as a &#8220;seller&#8221; or &#8220;buyer&#8221; of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect
      to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred.
      If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying
      securities comprising the referenced index or</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">73</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5fefe55406a34ae39ae5e96bcf6d94dc">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">(ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
      The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive
      or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment
      reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the
      credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount
      expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.</div>
    <div style="margin-bottom: 6pt;">The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the
      likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the
      swap, represent a deterioration of the referenced entity&#8217;s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund&#8217;s use and volume of credit default swaps on a monthly&#160;basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb63ab1a67c584a80b3198debd84a327b">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;<font style="font-weight: bold;">Average Notional Amount</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Protection</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Protection</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sold</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge, Index Exposure&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$11,276,533&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$88,305,000&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-bottom: 6pt;">A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal
      to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.</div>
    <div style="margin-bottom: 6pt;">The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Fund may be exposed to risk if the counterparties cannot meet the contract
      terms or if the currency value changes unfavorably as compared to the U.S. dollar.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">74







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zba5d14da7f8b4597807525586545b501">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following table represents the Fund&#8217;s use and volume of forward foreign currency exchange contracts on a monthly basis:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4f9e0aa7d07b4f6593c537cafbdabf8c">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td colspan="2" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Average Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Use</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sold</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge,Income&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$14,395,866&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$60,715,872&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Derivative Investment Holdings Categorized by Risk Exposure</div>
    <div style="margin-bottom: 6pt;">The following is a summary of the location of derivative investments on the Fund's Statement of Assets and Liabilities as of May 31, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z42b7289c1ed24a55a82d0f781f6645fe">

        <tr>
          <td style="width: 37.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 38.38%; vertical-align: middle;">&#160;</td>
          <td style="width: 24.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Derivative Investment Type</font>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Asset Derivatives</font>&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Liability Derivatives</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Equity contracts&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Variation margin on&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Options written, at value&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">futures contracts&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Interest rate contracts&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Investments in unaffiliated&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">issuers, at value&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Unrealized appreciation on&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">OTC swap agreements&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Credit contracts&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Variation margin on credit&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Unamortized upfront&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">default swap agreements&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">premiums received on credit&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">default swap agreements&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Currency contracts&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Unrealized appreciation on&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Unrealized depreciation on&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">forward foreign currency&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">forward foreign currency&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 38.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
          <td style="width: 24.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following table sets forth the fair value of the Fund's derivative investments categorized by primary risk exposure at May 31, 2020:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a2c102641fd45c89820ecc1591d6443">

        <tr>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="7" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;">&#160;<font style="font-weight: bold;">Asset Derivative Investments Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total Value at</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk*</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk*</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31, 2020</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$8,269,276&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 898,744&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,530,265&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,637,370&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,534,180&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 14,869,835&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" style="vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="7" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Liability Derivative Investments Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total Value at</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk*</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk*</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31, 2020</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$3,378,500&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 553,333&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 3,931,833&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">*&#160; Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives as reported on the Schedule of Investments. For exchange-traded and
      centrally cleared derivatives, variation margin is reported within the Statement of Assets and Liabilities.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">75</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z608ffe92fa804166a263ce26616e8bd6">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following is a summary of the location of derivative investments on the Fund's Statement of Operations for the year ended May 31, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb105d42d721640919a5f48eed5d5ca13">

        <tr>
          <td style="width: 42.43%; vertical-align: middle;">&#160;</td>
          <td style="width: 57.57%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Derivative Investment Type</font>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Location of Gain (Loss) on Derivatives</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Equity contracts&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on futures contracts&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(depreciation) on futures contracts&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on options written&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>(depreciation) on options written&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Interest Rate contracts&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on options purchased&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>(depreciation) on options purchased&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on swap agreements&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(depreciation) on swap agreements&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Credit contracts&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on swap agreements&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(depreciation) on swap agreements&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Currency contracts&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on forward foreign&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>currency exchange contracts&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>(depreciation) on forward foreign currency&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.43%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 57.57%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>exchange contracts&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following is a summary of the Fund's realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure
      for the year ended May 31, 2020:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7bd1b83c6fe144208faeabe5543dd6d6">

        <tr>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" colspan="7" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(3,863,382)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(172,463)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (462,085)&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(6,587,530)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (749,134)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;$ 1,110,176&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (10,724,418)&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeba980e918904d34bff9f9786833079e">

        <tr>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
          <td style="width: 14%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="7" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Risk</font>&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$8,287,445&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 898,744&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,196,936&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(1,922,987)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (125,028)&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;$ 2,169,283&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 11,504,393&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">In conjunction with the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Fund uses margin deposits
      at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Fund as collateral.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">76







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5aa9252c379341fb93378c4f509cef03">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The Fund has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Fund monitors the counterparty credit risk.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Foreign Investments</div>
    <div style="margin-bottom: 6pt;">There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. The Fund&#8217;s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those
      currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over
      short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may incur transaction costs in connection with
      conversions between various currencies. The Fund may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively
      hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to
      the U.S. dollar.</div>
    <div style="margin-bottom: 6pt;">The Fund may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets
      can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in
      financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such
      securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may
      fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a
      foreign issuer&#8217;s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against
      dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Fund.</div>
    <div style="margin-bottom: 6pt;">Note 4 &#8211; <font style="font-weight: bold;">Offsetting</font></div>
    <div style="margin-bottom: 6pt;">In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to
      counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">77</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z953954356de94e3e8e74f501326f05ae">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.</div>
    <div style="margin-bottom: 6pt;">In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master
      Agreement (&#8220;ISDA Master Agreement&#8221;) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange
      contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event
      of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.</div>
    <div style="margin-bottom: 6pt;">For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the
      value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are
      reported separately on the Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Fund in
      connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Fund, as applicable, absent an event of default under such agreement, in which case such collateral
      generally may be applied towards obligations due to and payable by such counterparty or the Fund, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before
      a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate
      counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.</div>
    <div style="margin-bottom: 6pt;">For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">78







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z93c4a4441b6e44bebf002d99827404be">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:</div>
    <table cellspacing="0" cellpadding="0" id="z30f711950a01474ca03d2051749266a7" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Gross Amounts Not Offset</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross Amounts</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Assets</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented on the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;"> Cash</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; text-indent: 4.4pt;"><font style="font-weight: bold;">Financial</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Collateral</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Instrument</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: center;"><font style="font-weight: bold;">Instruments</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: center;"><font style="font-weight: bold;">Received</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="24" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Total return swap&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(898,744</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Forward foreign&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">currency&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">exchange&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,534,180</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>2,534,180</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(507,536</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1,823,406</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>203,238</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Options purchased&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,637,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>1,637,370</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(1,127,850</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>509,520</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

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

        <tr>
          <td valign="bottom" colspan="24" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Gross Amounts Not Offset</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross Amounts</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">of Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented on the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;"> Cash</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; text-indent: 4.4pt;"><font style="font-weight: bold;">Financial</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">Collateral</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div><font style="font-weight: bold;">Instrument</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: center;"><font style="font-weight: bold;">Instruments</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: center;"><font style="font-weight: bold;">Pledged</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: #000000 solid 4px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="24" style="vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Forward foreign&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">currency&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">exchange&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>553,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>(507,536</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">
            <div>45,797</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div>Reverse&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">repurchase&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 22%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>42,445,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>42,445,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>(42,445,822</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 10%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

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

        <tr>
          <td style="width: 99.89%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 99.89%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1&#160; </sup>Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The Fund has the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table
      presents deposits held by others in connection with derivative investments as of May 31, 2020.</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5021b05d596b46b9b915406a714c89f2" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 32%;">&#160;</td>
          <td valign="bottom" style="vertical-align: middle; width: 32%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 32%;">
            <div><font style="font-weight: bold;">Asset Type</font>&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Cash Pledged</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Cash Received</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);">
            <div>BofA Securities, Inc.&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);">
            <div>Credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
            <div>1,945,626</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>BofA Securities, Inc.&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>Interest rate swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">
            <div>4,602,859</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);">
            <div>Citibank, N.A., New York&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255);">
            <div>Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);">
            <div>1,840,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>Forward foreign currency exchange contracts,&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); padding-bottom: 2px;"> <br>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-indent: 12pt;">Total return swap agreements&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>2,010,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 32%; background-color: rgb(255, 255, 255);">
            <div>&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">
            <div>6,548,485</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">
            <div>$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255);">
            <div>3,850,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">79</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z422a42729c924f7cbbc820188221b0c1">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 5 &#8211; <font style="font-weight: bold;">Fees and Other Transactions with Affiliates</font></div>
    <div style="margin-bottom: 6pt;">Pursuant to an Investment Advisory Agreement between the Fund and the Adviser, the Adviser furnishes offices, necessary facilities and equipment, provides administrative services, oversees the activities of Guggenheim
      Partners Investment Management, LLC (&#8220;GPIM&#8221; or &#8220;Sub-Adviser&#8221;), provides personnel including certain officers required for the Fund&#8217;s administrative management and compensates the officers and trustees of the Fund who are affiliates of the Adviser. As
      compensation for these services, the Fund pays the Adviser a fee, payable monthly, in an amount equal to 1.00% of the Fund&#8217;s average daily managed assets.</div>
    <div style="margin-bottom: 6pt;">Pursuant to a Sub-Advisory Agreement among the Fund, the Adviser and GPIM, GPIM under the supervision of the Board and the Adviser, provides a continuous investment program for the Fund&#8217;s portfolio; provides investment
      research; makes and executes recommendations for the purchase and sale of securities; and provides certain facilities and personnel, including certain officers required for its administrative management and pays the compensation of all officers and
      trustees of the Fund who are GPIM&#8217;s affiliates. As compensation for its services, the Adviser pays GPIM a fee, payable monthly, in an annual amount equal to 0.50% of the Fund&#8217;s average daily managed assets.</div>
    <div style="margin-bottom: 6pt;">For purposes of calculating the fees payable under the foregoing agreements, average daily managed assets means the average daily value of the Fund&#8217;s total assets minus the sum of its accrued liabilities. Total assets
      means all of the Fund&#8217;s assets and is not limited to its investment securities. Accrued liabilities means all of the Fund&#8217;s liabilities other than borrowings for investment purposes.</div>
    <div style="margin-bottom: 6pt;">Certain officers and trustees of the Fund may also be officers, directors and/or employees of the Adviser or GPIM. The Fund does not compensate its officers who are officers, directors and/or employees of the
      aforementioned firms.</div>
    <div style="margin-bottom: 6pt;">GFIA pays operating expenses on behalf of the Fund, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis.</div>
    <div style="margin-bottom: 6pt;">MUFG Investor Services (US), LLC (&#8220;MUIS&#8221;) acts as the Fund&#8217;s administrator and accounting agent. As administrator and accounting agent, MUIS maintains the books and records of the Fund&#8217;s securities and cash. The Bank of
      New York Mellon Corp. (&#8220;BNY&#8221;) acts as the Fund&#8217;s custodian. As custodian, BNY is responsible for the custody of the Fund&#8217;s assets. For providing the aforementioned services, MUIS and BNY are entitled to receive a monthly fee equal to an annual
      percentage of the Fund&#8217;s average daily managed assets subject to certain minimum monthly fees and out of pocket expenses.</div>
    <div style="margin-bottom: 6pt;">Note 6 &#8211; <font style="font-weight: bold;">Fair Value Measurement</font></div>
    <div style="margin-bottom: 6pt;">In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal
      market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">80







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7373f56d3f3d4904a34524811dc18e9e">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:</div>
    <div style="margin-bottom: 6pt;">Level 1 &#8212; quoted prices in active markets for identical assets or liabilities.</div>
    <div style="margin-bottom: 6pt;">Level 2 &#8212; significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).</div>
    <div style="margin-bottom: 6pt;">Level 3 &#8212; significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.</div>
    <div style="margin-bottom: 6pt;">The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no
      observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.</div>
    <div style="margin-bottom: 6pt;">Independent pricing services are used to value a majority of the Fund&#8217;s investments. When values are not available from a pricing service, they will be determined using a variety of sources and techniques, including:
      market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury
      securities, and other information and analysis. A significant portion of the Fund&#8217;s assets and liabilities are categorized as Level 2, as indicated in this report.</div>
    <div style="margin-bottom: 6pt;">Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Fund&#8217;s assets and liabilities, i.e. prices provided by a broker-dealer or other
      market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Fund may not have the transparency to view the underlying inputs which support the market quotations.
      Significant changes in a quote would generally result in significant changes in the fair value of the security.</div>
    <div style="margin-bottom: 6pt;">Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.</div>
    <div style="margin-bottom: 6pt;">Certain loans and other securities are valued using a single daily broker quote or a price from a third party vendor based on a single daily or monthly broker quote.</div>
    <div style="margin-bottom: 6pt;">The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine
      fair valuation are regularly monitored and subject to change.</div>
    <div style="margin-bottom: 6pt;">Note 7 &#8211; <font style="font-weight: bold;">Reverse Repurchase Agreements</font></div>
    <div style="margin-bottom: 6pt;">The Fund may enter into reverse repurchase agreements as part of its financial leverage strategy. Under a reverse repurchase agreement, the Fund temporarily transfers possession of a portfolio instrument to another
      party, such as a bank or broker-dealer, in return for cash. At the same time, the</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">81</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9e645ead1f0945f09fb50758d2312014">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Fund agrees to repurchase the instrument at an agreed upon time and price, which reflects an interest payment. Such agreements have the economic effect of borrowings. The Fund may enter into such agreements when it is
      able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income. When the Fund enters into a reverse repurchase agreement, any fluctuations in the market value of either the instruments transferred
      to another party or the instruments in which the proceeds may be invested would affect the market value of the Fund&#8217;s assets. As a result, such transactions may increase fluctuations in the market value of the Fund&#8217;s assets. For the year ended May
      31, 2020, the average daily balance for which reverse repurchase agreements were outstanding amounted to $2,743,017. The weighted average interest rate was 0.72%. As of May 31, 2020, there was $42,445,822 in reverse repurchase agreements outstanding.</div>
    <div style="margin-bottom: 6pt;">As of May 31, 2020, the Fund had outstanding reverse repurchase agreements with various counterparties. Details of the reverse repurchase agreements by counterparty are as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfd85d1683e54484784a9a37f305dcff6">

        <tr>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest Rate(s)</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity Date(s)</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Face Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BMO Capital Markets Corp.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.75% - 0.95%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">06/05/20 &#8211; 08/13/20&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 22,445,690&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BMO Capital Markets Corp.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.80%*&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,053,762&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BNP Paribas&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.75% - 0.85%&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/13/20 &#8211; 08/13/20&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13,479,297&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Citibank, N.A.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.60%*&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,467,073&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 42,445,822&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; text-indent: -10pt; margin-left: 10pt;">*&#160; The rate is adjusted periodically by the counterparty, subject to review and approval by the Adviser, and is not based upon a set reference rate and spread. Rate indicated is
      the rate effective at May 31, 2020.</div>
    <div style="margin-bottom: 6pt;">The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of May 31, 2020, aggregated by asset class of the related collateral pledged by the Fund:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zad16ad3fd267428a851a755a83fded95">

        <tr>
          <td style="width: 40%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Overnight</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Asset Type</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">and Continuous</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Up to 30 days</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">31-90 days</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,520,835&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,295,559&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 31,629,428&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 42,445,822&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Gross amount of recognized liabilities for&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>reverse repurchase agreements&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,520,835&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,295,559&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 31,629,428&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 42,445,822&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 8 &#8211; <font style="font-weight: bold;">Borrowings</font></div>
    <div style="margin-bottom: 6pt;">The Fund has entered into an $80,000,000 credit facility agreement with an approved lender whereby the lender has agreed to provide secured financing to the Fund and the Fund will provide pledged collateral to the
      lender. Interest on the amount borrowed is based on the 3-month LIBOR plus 0.85%. As of May 31, 2020, there was $19,300,000 outstanding in connection with the Fund&#8217;s credit facility. The average daily amount of borrowings on the credit facilities
      during the period was $6,013,934 with a related average interest rate of 1.80%. The maximum amount outstanding during the period was $40,000,000. As of May 31, 2020, the total value of securities segregated and pledged as collateral in connection
      with borrowings was $44,344,298.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">82







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5d6ca1f69ee24ee6b75f2def094f9304">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The credit facility agreement governing the loan facility includes usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral requirements, investment strategy
      requirements, and certain financial obligations. These covenants place limits or restrictions on the Fund&#8217;s ability to (i) enter into additional indebtedness with a party other than the counterparty, (ii) change its fundamental investment policy, or
      (iii) pledge to any other party, other than to the counterparty, securities owned or held by the Fund over which the counterparty has a lien. In addition, the Fund is required to deliver financial information to the counterparty within established
      deadlines, maintain an asset coverage ratio (as defined in Section 18(g) of the 1940 Act) greater than 300%, comply with the rules of the stock exchange on which its shares are listed, and maintain its classification as a &#8220;closed-end management
      investment company&#8221; as defined in the 1940 Act.</div>
    <div style="margin-bottom: 6pt;">There is no guarantee that the Fund&#8217;s leverage strategy will be successful. The Fund&#8217;s use of leverage may cause the Fund&#8217;s NAV and market price of common shares to be more volatile and can magnify the effect of any
      losses.</div>
    <div style="margin-bottom: 6pt;">Note 9 &#8211; <font style="font-weight: bold;">Federal Income Tax Information</font></div>
    <div style="margin-bottom: 6pt;">The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital
      gains sufficient to relieve the Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.</div>
    <div style="margin-bottom: 6pt;">Tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns are evaluated to determine whether the tax positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax
      authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Fund&#8217;s tax positions taken, or to be taken, on U.S. federal income tax
      returns for all open tax years, and has concluded that no provision for income tax is required in the Fund&#8217;s financial statements. The Fund&#8217;s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (&#8220;IRS&#8221;) for a
      period of three years after they are filed.</div>
    <div style="margin-bottom: 6pt;">The tax character of distributions paid during the year ended May 31, 2020 was as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc73d5c7919684122aad08f0387b6cbc7">

        <tr>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ordinary</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Long-Term</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Return of</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Income</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Gain</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Distributions</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$33,846,511&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$52,158,126&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$86,004,637&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The tax character of distributions paid during the year ended May 31, 2019 was as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z88465dde743c458183799a2968b1a444">

        <tr>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ordinary</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Long-Term</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Return of</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Income</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Gain</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Distributions</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$38,174,878&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,339,604&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$28,880,612&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$69,395,094&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">83</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc078bb2b29a24ce4840094a877bbbc7c">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The tax components of distributable earnings/(loss) as of May 31, 2020 were as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z97e44a4db1be4bb2a8da85286f4b87bb">

        <tr>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Unrealized</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Accumulated</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital and</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Other Losses</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(71,440,791)&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; text-indent: 1.8pt;">$(29,361,229)&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(100,802,020)&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Fund that may be carried forward and applied against future capital gains. Under the RIC Modernization Act of 2010, the
      Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As
      of May 31, 2020, capital loss carryforwards for the Fund were as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4441a5f5075149d8ae427a8219d6470c">

        <tr>
          <td colspan="1" style="width: 55%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 55%; vertical-align: bottom;">&#160;</td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: bottom; width: 55%; padding-bottom: 2px;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Unlimited</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital Loss</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 55%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Short-Term</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Long-Term</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Carryforward</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: bottom; width: 55%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 15%; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(5,285,429)&#160;</div>
          </td>
          <td style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255);"> $(24,075,800)</td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(29,361,229)&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in
      partnerships, foreign currency gains and losses, investments in collateralized debt obligations, losses deferred due to wash sales, paydown losses and the &#8220;mark- to-market&#8221; of certain derivatives. To the extent these differences are permanent and
      would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.</div>
    <div style="margin-bottom: 6pt;">There were no adjustments made on the Statement of Assets and Liabilities as of May 31, 2020 for permanent book/tax differences.</div>
    <div style="margin-bottom: 6pt;">At May 31, 2020, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross
      unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf7445d59aa784eb2827eb1238d2b4780">

        <tr>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax Unrealized</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax Unrealized</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation/</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Tax Cost</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Depreciation</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$782,634,209&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$15,559,444&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(87,272,144)&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(71,712,700)&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 10 &#8211; <font style="font-weight: bold;">Securities Transactions</font></div>
    <div style="margin-bottom: 6pt;">For the year ended May 31, 2020, the cost of purchases and proceeds from sales of investment securities, excluding written options, swap agreements, futures contracts and short-term investments, were as follows:</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">84







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z866943da34e948e59e8a9555b6c09281">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za0cf5f81ad174bffb3c20d087d6e5e6a">

        <tr>
          <td style="width: 85%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchases</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sales</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$439,867,408&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$252,361,578&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any
      purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers
      complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended May 31, 2020, the Fund engaged in purchases and sales
      of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc882b51a1c1b40a68d43091c2bf7b9c1">

        <tr>
          <td style="width: 70%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
          <td style="width: 15%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchases</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Sales</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Realized Gain (Loss)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$6,540,984&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 11 &#8211; <font style="font-weight: bold;">Unfunded Loan Commitments</font></div>
    <div style="margin-bottom: 6pt;">Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of May 31, 2020. The Fund is obligated to fund these loan commitments at the borrower&#8217;s discretion. The Fund reserves against
      such contingent obligations by designating cash, liquid securities, illiquid securities, and liquid term loans as a reserve. As of May 31, 2020, the total amount segregated in connection with unfunded loan commitments and reverse repurchase
      agreements was $54,966,887.</div>
    <div style="margin-bottom: 6pt;">The unfunded loan commitments as of May 31, 2020, were as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbd2280a900fe4d6a975120db1f1cf2bf">

        <tr>
          <td style="width: 34.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.62%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.86%; vertical-align: middle;">&#160;</td>
          <td style="width: 16.51%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Borrower</font>&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Maturity Date</font>&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Face Amount*</font>&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alexander Mann&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">12/16/24&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP 77,135&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 20,160&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AmeriLife Holdings LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">03/18/27&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">100,000&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Anchor Packaging LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">07/18/26&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">296,154&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aspect Software, Inc.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/15/23&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">120,943&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,280&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BCPE Empire Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">06/11/26&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">63,734&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,143&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cypress Intermediate Holdings III, Inc.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/27/22&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">359,589&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">17,088&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Examworks Group, Inc.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">01/27/23&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">46,049&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EyeCare Partners LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">02/18/27&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">331,081&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">33,108&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Galls LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">01/31/25&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">349,651&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,237&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Galls LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">01/31/24&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">26,053&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,077&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OEConnection LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">09/25/26&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">147,186&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,143&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Packaging Coordinators Midco, Inc.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/01/21&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">161,538&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,058&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SHO Holding I Corp.&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">10/27/21&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">25,280&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,309&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Solera LLC&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">03/03/21&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,033,000&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">80,181&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Trader Interactive&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">06/15/23&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">69,231&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,270&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.01%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20.62%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 28.86%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.51%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 266,911&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 99.89%; vertical-align: bottom;">
            <div>* The face amount is denominated in U.S. dollars unless otherwise indicated.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 99.89%; vertical-align: bottom;">
            <div>GBP &#8211; British Pound&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">85</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5dd9fb4ffe934d0ab09e209a95450ff1">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 12 &#8211; <font style="font-weight: bold;">Restricted Securities</font></div>
    <div style="margin-bottom: 6pt;">The securities below are considered illiquid and restricted under guidelines established by the Board:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze9135f2c29984b6b9911d5e01310352f">

        <tr>
          <td style="width: 40.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.4%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.44%; vertical-align: middle;">&#160;</td>
          <td style="width: 16.32%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Restricted Securities</font>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">Acquisition Date</font>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Cost</font>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Airplanes Pass Through Trust&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2001-1A, due 03/15/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2,3</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10/14/09&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 5,384,675&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 668&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Atlas Mara Ltd.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">8.00% due 12/31/20&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10/01/15&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,144,742&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,738,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Basic Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">10.75% due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">09/25/18&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">496,517&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">205,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beverages &amp; More, Inc.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">11.50% due 06/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">06/16/17&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">631,881&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">419,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CBC Insurance Revenue Securitization LLC&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2016-1, 5.25% due 07/15/46&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">08/09/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">321,202&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">310,628&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CNB Financial Corp.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">5.75% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">09/14/16&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,028,878&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Exide International Holdings, LP&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">15.25% (in-kind rate was 4.50%) due 10/31/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">05/31/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">714,412&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">643,249&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Exide Technologies&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">due 10/31/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2,6</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/02/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,085,195&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,296,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF I Ltd.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2015-1A, 7.50% due 11/12/30&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/22/16&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">989,464&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">860,467&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF II Ltd.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2016-2A, 7.70% due 05/12/31&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/15/16&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,984,159&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,582,872&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FLNG Liquefaction 2 LLC&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">4.13% due 03/31/38&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/23/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">231,416&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">225,898&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Freddie Mac Military Housing Bonds&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">Resecuritization Trust Certificates&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">2015-R1, 5.49% (WAC) due 11/25/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">09/10/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,672,621&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,311,434&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mirabela Nickel Ltd.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">due 06/24/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">12/31/13&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,259,370&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">69,409&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Party City Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">6.63% due 08/01/26&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">02/28/19&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">537,531&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,640&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Princess Juliana International&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">Airport Operating Company N.V.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">5.50% due 12/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,5</sup>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">12/17/12&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,383,289&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,145,807&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Turbine Engines Securitization Ltd.&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 10pt;">2013-1A, 6.38% due 12/13/48&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">11/27/13&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">450,238&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">249,267&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.83%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20.4%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 22.44%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 24,286,712&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 14,170,882&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdd5fa76ef9d042e7a63b82a7c61c3069">

        <tr>
          <td style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup>Variable rate security. Rate indicated is the rate effective at May 31, 2020. In some instances, the effective rate is limited by a</div>
            <div style="text-indent: 6pt;">minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact&#160;</div>
            <div style="text-indent: 6pt;">the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective&#160;</div>
            <div style="text-indent: 6pt;">rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a&#160;</div>
            <div style="text-indent: 6pt;">weighted average.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2 </sup>Security is in default of interest and/or principal obligations.&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3 </sup>Security was fair valued by the Valuation Committee at May 31, 2020. The total market value of fair valued and restricted se-&#160;</div>
            <div style="text-indent: 6pt;">curities amounts to $1,146,475, (cost $6,767,964) or 0.2% of total net assets.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4 </sup>Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5 </sup>All or a portion of these securities have been physically segregated in connection with borrowings.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6 </sup>Payment in-kind security.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">86







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3cbfcdb9a2904012abc270fa93f6b3b8">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 13 &#8211; <font style="font-weight: bold;">Capital</font></div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Common Shares</font></div>
    <div style="margin-bottom: 6pt;">The Fund has an unlimited amount of common shares, $0.01 par value, authorized and 42,426,020 shares issued and outstanding.</div>
    <div style="margin-bottom: 6pt;">Transactions in common shares were as follows:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1806a2ba687340e8bcc00f2875fd9473">

        <tr>
          <td style="width: 51.02%; vertical-align: middle;">&#160;</td>
          <td style="width: 31.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font>&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Year Ended</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31, 2020</font>&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">May 31, 2019</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beginning shares&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">35,845,939&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">27,733,512&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Shares issues through at-the-market offering&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,052,385&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,758,097&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Shares issued through dividend reinvestment&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">527,696&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">354,330&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 51.02%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Ending shares&#160;</div>
          </td>
          <td style="width: 31.65%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">42,426,020&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">35,845,939&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">On July 1, 2019, the Fund's shelf registration allowing for delayed or continuous offering of additional shares became effective. The shelf registration statement allows for the issuance of up to $350,000,000 of common
      shares. On July 1, 2019, the Fund entered into an at-the-market sales agreement with Cantor Fitzgerald &amp; Co. to offer and sell up to 11,250,000 common shares, from time to time, through Cantor Fitzgerald &amp; Co. as agent for the Fund.</div>
    <div style="margin-bottom: 6pt;">As of May 31, 2020, up to 5,902,059 shares remained available under the at-the-market sales agreement. For the year ended May 31, 2020, the Fund paid $326,463 for offering costs associated with the at-the market
      offering, and will be responsible for additional offering costs in the future of up to 0.60% of the offering price of commons shares sold pursuant to the shelf registration statement.</div>
    <div style="margin-bottom: 6pt;">Note 14 <font style="font-weight: bold;">&#8211; Recent Accounting Pronouncements</font></div>
    <div style="margin-bottom: 6pt;">In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables &#8211; Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable
      Debt Securities (the &#8220;2017 ASU&#8221;) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The 2017 ASU does not require any accounting change for debt
      securities held at a discount; the discount continues to be amortized to maturity. As of June 1, 2019, the Fund has fully adopted the provisions of the 2017 ASU which was applied on a modified retrospective basis, as prescribed. The adoption did not
      result in a cumulative-effect adjustment as of the beginning of the period and had no impact on total distributable earnings, net assets, the current period results from operations, or any prior period information presented in the financial
      statements.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">87</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za9ccf94edeb641f1818b9e13ebebcd80">

        <tr>
          <td style="width: 72.71%; vertical-align: middle;">&#160;</td>
          <td style="width: 27.29%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 72.71%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS continued</font>&#160;</div>
          </td>
          <td style="width: 27.29%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Note 15 &#8211; <font style="font-weight: bold;">COVID-19 and Recent Developments</font></div>
    <div style="margin-bottom: 6pt;">The global ongoing crisis caused by the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and
      quarantines, and adversely impacting local and global economies. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions all over the world, the
      Fund&#8217;s investments and a shareholder&#8217;s investment in the Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Fund, the Fund, its service providers, the
      markets in which it invests and market intermediaries are also impacted by quarantines and similar measures intended to contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.</div>
    <div style="margin-bottom: 6pt;">Note 16 &#8211; <font style="font-weight: bold;">Subsequent Events</font></div>
    <div style="margin-bottom: 6pt;">The Fund evaluated subsequent events through the date the financial statements were available for issue and determined there were no material events that would require adjustment to or disclosure in the Fund&#8217;s financial
      statements.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">88







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z20e4d2f997444edd81494d3644ed6917">

        <tr>
          <td style="width: 85.86%; vertical-align: middle;">&#160;</td>
          <td style="width: 14.14%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 85.86%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font>&#160;</div>
          </td>
          <td style="width: 14.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">To the Shareholders and Board of Trustees of Guggenheim Strategic Opportunities Fund</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Opinion on the Financial Statements</div>
    <div style="margin-bottom: 6pt;">We have audited the accompanying statement of assets and liabilities of Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;), including the schedule of investments, as of May 31, 2020, and the related statements of
      operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes
      (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of Guggenheim Strategic Opportunities Fund at May 31, 2020, the results of its
      operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S.
      generally accepted accounting principles.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Basis for Opinion</div>
    <div style="margin-bottom: 6pt;">These financial statements are the responsibility of the Fund&#8217;s management. Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered
      with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
      and Exchange Commission and the PCAOB.</div>
    <div style="margin-bottom: 6pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
      material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund&#8217;s internal control over financial reporting. As part of our audits, we are required to obtain an
      understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</div>
    <div style="margin-bottom: 6pt;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
      included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020, by correspondence with the custodian, brokers, and paying
      agents or by other appropriate auditing procedures where replies from brokers or paying agents were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
      the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>
    <div style="text-align: right; margin-bottom: 6pt;"><img src="cef-gofar0520ex89x1.jpg"> </div>
    <div style="margin-bottom: 6pt;">We have served as the auditor of one or more Guggenheim investment companies since 1979.<br>
      <br>
      July 29, 2020</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">89</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zce6b5aab24dc4d2a8a751781c5ddfece">

        <tr>
          <td style="width: 60.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.41%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 60.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 39.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Federal Income Tax Information</div>
    <div style="margin-bottom: 6pt;">This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.</div>
    <div style="margin-bottom: 6pt;">In January 2021, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2020.</div>
    <div style="margin-bottom: 6pt;">The Fund's investment income (dividend income plus short-term capital gains, if any) qualifies as follows:</div>
    <div style="margin-bottom: 6pt;">Of the taxable ordinary income distributions paid during the fiscal year ending May 31, 2020, the Fund had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and
      Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.</div>
    <div style="margin-bottom: 6pt;">Additionally, of the taxable ordinary income distributions paid during the fiscal year ended May 31, 2020, the Fund had the corresponding percentages qualify as interest related dividends as permitted by IRC Section
      871(k)(1) . See qualified interest income column in the table below.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z06abc03efb8d449e98ffd4810093bb52">

        <tr>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
          <td style="width: 33%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Qualified</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Dividend</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Qualified</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Dividend</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Received</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Income</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Deduction</font>&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Income</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.67%&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.67%&#160;</div>
          </td>
          <td style="width: 33%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">90.65%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">90







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc1c91bf6cac84c189bec8abc81209cb3">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Results of Shareholder Votes</div>
    <div style="margin-bottom: 6pt;">The Annual Meeting of Shareholders of the Fund was held on April 2, 2020. Common shareholders voted on the election of Trustees. With regards to the election of the following Trustees by common shareholders of the Fund:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfab91ddd277e48d293e55711375f0f72">

        <tr>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;"># of Shares in Favor</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;"># of Shares Against</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;"># of Shares Abstain</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Randall C. Barnes&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,896,007&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">723,302&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">575,118&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Angela Brock-Kyle&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">30,986,068&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,642,502&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">565,857&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Donald A. Chubb, Jr.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,834,485&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">782,872&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">577,070&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Roman Friedrich III&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">31,065,986&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,546,871&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">581,570&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Amy J. Lee&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31,831,346&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">793,133&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">569,948&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">The other Trustees of the Fund not up for election in 2020 are Jerry B. Farley, Thomas F. Lydon, Jr., Ronald A. Nyberg, Sandra G. Sponem and Ronald E. Toupin, Jr.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Sector Classification</div>
    <div style="margin-bottom: 6pt;">Information in the &#8220;Schedule of Investments&#8221; is categorized by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification system provider. In
      the Fund&#8217;s registration statement, the Fund has investment policies relating to concentration in specific industries. For purposes of these investment policies, the Fund usually classifies industries based on industry-level classifications used by
      widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 91</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z14e13ef8f88b418aaf21a14585bd6f09">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Trustees</div>
    <div style="margin-bottom: 6pt;">The Trustees of the Guggenheim Strategic Opportunities Fund and their principal business occupations during the past five years:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd8911d25b1044d25810b91d884154cbe">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 38%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served**</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees***</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Independent Trustees:</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Randall C. Barnes</font>&#160;</div>
            <div>(1951)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Trustee and&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Valuation&#160;</div>
            <div style="text-indent: 0.1pt;">Oversight&#160;</div>
            <div>Committee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2007&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Private Investor (2001-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997);&#160;President, Pizza Hut International (1991-1993); Senior Vice President,&#160;Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>157&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: Purpose Investments Funds&#160;(2013-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Managed Duration Investment&#160;Grade Municipal Fund (2006-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Angela Brock-Kyle</font>&#160;</div>
            <div>(1959)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2019&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Leader, TIAA (1987-2012).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: Hunt Companies, Inc.&#160;</div>
            <div style="text-indent: 0.1pt;">(2019-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Infinity Property &amp; Casualty&#160;Corp. (2014-2018).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 12%;">
            <div><font style="font-weight: bold;">Donald A. Chubb, Jr.&#160;</font></div>
            <div>(1946)&#160;</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 10%;">Trustee&#160;</td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Retired&#160;</div>
            <div>
              <div> <br>
              </div>
              <div>Former: Business broker and manager of commercial real estate, Griffith &amp; Blair, Inc. (1997-2017).&#160;</div>
            </div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>156&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Former: MidlandCare, Inc. (2011-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Jerry B. Farley</font>&#160;</div>
            <div>(1946)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: President, Washburn University (1997-present).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: CoreFirstBank &amp; Trust&#160;(2000-present).&#160;</div>
            <div style="text-indent: 0.1pt;"> <br>
            </div>
            <div>Former: WestarEnergy, Inc. (2004-2018).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">92







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zffd6fceb47564fb4b4bbb23585d61f65">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf858c5cd93e643b296a92cd52cb1b7cb">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 38%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served**</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees***</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Independent Trustees continued:</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Roman Friedrich III</font>&#160;</div>
            <div>(1946)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2010&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Founder and Managing Partner, Roman Friedrich &amp; Company&#160;(1998-present).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Former: Zincore Metals, Inc.&#160;</div>
            <div>(2009-2019).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Thomas F. Lydon, Jr.</font>&#160;</div>
            <div>(1960)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee and&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Contracts&#160;</div>
            <div style="text-indent: 0.1pt;">Review&#160;</div>
            <div>Committee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2019&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: President, Global Trends Investments (1996-present); Co-Chief&#160;Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer,&#160;Lydon Media (2016-present).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: US Global Investors (GROW)&#160;(1995-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Harvest Volatility Edge&#160;Trust (3) (2017-2019).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Ronald A. Nyberg</font>&#160;</div>
            <div>(1953)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee and&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Nominating&#160;</div>
            <div style="text-indent: 0.1pt;">and Governance&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2007&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Partner, Momkus LLC (2016-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Partner, Nyberg &amp; Cassioppi, LLC (2000-2016); Executive Vice&#160;President, General Counsel, and Corporate Secretary, Van Kampen&#160;Investments (1982-1999).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>157&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Current: PPM Funds (9) (2018 - present);&#160;Edward-Elmhurst Healthcare System&#160;(2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Western Asset Inflation-Linked&#160;Opportunities &amp; Income Fund (2004-&#160;April 2020); Western Asset&#160;Inflation-Linked Income Fund (2003-&#160;April 2020); Managed Duration&#160;Investment Grade Municipal Fund&#160;(2003-2016).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 93</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z83ca14979cde4efcac7822d7a64ac600">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z413030f26bb14edf967d110caa2068cc">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 38%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served**</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees***</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" colspan="4" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Independent Trustees continued:</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Sandra G. Sponem</font>&#160;</div>
            <div>(1958)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee and&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Audit&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2019&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Retired.&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-&#160;Companies, Inc. (2007-2017).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: SPDR Series Trust (78) (2018-&#160;present); SPDR Index Shares Funds (31)&#160;(2018-present); SSGA Active Trust (12)&#160;(2018-present); and SSGA Master Trust (1)&#160;(2018-present).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Ronald E. Toupin, Jr.</font>&#160;</div>
            <div>(1958)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee, Chair&#160;</div>
            <div style="text-indent: 0.1pt;">of the Board&#160;</div>
            <div style="text-indent: 0.1pt;">and Chair of&#160;</div>
            <div style="text-indent: 0.1pt;">the Executive&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2007&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Portfolio Consultant (2010-present); Member, Governing Council,&#160;Independent Directors Council (2013-present); Governor, Board of Governors,&#160;Investment Company Institute (2018-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Member, Executive Committee, Independent Directors Council&#160;(2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset&#160;Management (1998-1999); Vice President, Nuveen Investment Advisory Corp.&#160;(1992-1999); Vice
              President and Manager, Nuveen Unit Investment Trusts&#160;(1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen&#160;Unit Investment Trusts (1988-1999), each of John Nuveen &amp; Co., Inc. (1982-1999).</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div>156&#160;</div>
          </td>
          <td colspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Former: Western Asset Inflation-Linked&#160;Opportunities &amp; Income Fund (2004-&#160;April 2020); Western Asset Inflation-&#160;Linked Income Fund&#160;(2003-April 2020);&#160;Managed Duration Investment Grade&#160;Municipal Fund
              (2003-2016).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">94







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9a46fc0e4c89400e90277b43082aa771">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z23c74436086a43dcbfda01e1dcf471de">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 38%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Served**</font>&#160;</div>
          </td>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Overseen</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Held by Trustees***</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Interested Trustee:</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Amy J. Lee****</font>&#160;</div>
            <div>(1961)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Trustee, Vice&#160;</div>
            <div style="text-indent: 0.1pt;">President and&#160;</div>
            <div style="text-indent: 0.1pt;">Chief Legal&#160;</div>
            <div style="text-indent: 0.1pt;">Officer&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2018&#160;</div>
            <div>(Trustee) Since&#160;</div>
            <div>2014 (Chief&#160;</div>
            <div>Legal Officer)&#160;</div>
            <div>Since 2012&#160;</div>
            <div>(Vice President)&#160;</div>
          </td>
          <td colspan="1" style="width: 38%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Interested Trustee,certain other funds in the Fund Complex&#160;(2018-present); Chief Legal Officer, certain other funds in the Fund Complex&#160;(2014-present); Vice President, certain other funds in the Fund Complex&#160;(2007-present); Senior
              Managing Director, Guggenheim Investments&#160;(2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: President and Chief Executive Officer, certain other funds in the Fund&#160;Complex (2017-2019); Vice President, Associate General Counsel and Assistant&#160;Secretary, Security Benefit Life Insurance Company and Security Benefit&#160;Corporation
              (2004-2012).&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>156&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">None.&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="z8bfb19432a56434d80cbe54a2886c01a" style="font-family: Arial; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">*</div>
              </div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">**</div>
              </div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">Each Trustee serves an indefinite term, until his or her successor is elected and qualified:</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">&#160;</div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left; text-indent: -10pt; margin-left: 10pt;">&#8212;Messrs. Farley, Nyberg, Lydon, Jr., Toupin, Jr. and Ms. Sponem are Class II Trustees. Class II Trustees are expected to stand for re-election at the Fund&#8217;s annual
                  meeting of shareholders for the fiscal year ended May 31, 2021.</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">&#160;</div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left; text-indent: -10pt; margin-left: 10pt;">&#8212;Messrs. Barnes, Chubb, Jr., and Friedrich and Mses. Lee and Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for re-election at the Fund&#8217;s annual
                  meeting of shareholders for the fiscal year ended May 31, 2022.</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">***</div>
              </div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable
                  Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy &amp; Income Fund, Guggenheim Credit Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex
                  Variable Funds and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible &amp; Income Fund.</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">****</div>
              </div>
            </td>
            <td style="width: 95%;">
              <div style="font-style: italic;">
                <div style="text-align: left;">This Trustee is deemed to be an &#8220;interested person&#8221; of the Fund under the 1940 Act by reason of her position with the Fund&#8217;s Investment Manager and/or the parent of the Investment Manager.</div>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
      <div style="text-align: right;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES
          FUND ANNUAL REPORT </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 95</sup></div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd956819c81ed44a3982221917bef8e9b">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">OFFICERS</div>
    <div style="margin-bottom: 6pt;">The Officers of the Guggenheim Strategic Opportunities Fund, who are not Trustees, and their principal business occupations during the past five years:</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z48add12a16d4438caf0e3d0760798045">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 68%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Time Served**</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Principal Occupation(s) During Past Five Years</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers:</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Brian E. Binder</font>&#160;</div>
            <div>(1972)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">President and&#160;</div>
            <div style="text-indent: 0.1pt;">Chief Executive&#160;</div>
            <div style="text-indent: 0.1pt;">Officer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2018&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.2pt;">Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and&#160;Chairman of the Board of Managers, Guggenheim Funds Investment
              Advisors, LLC (2018-present); President and Chief Executive Officer,&#160;Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior&#160;Managing Director and Chief
              Administrative Officer, Guggenheim Investments (2018-present).&#160;</div>
            <div style="text-indent: 0.2pt;"> <br>
            </div>
            <div>Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset&#160;Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd.
              (2010-2012).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Joanna M. Catalucci</font>&#160;</div>
            <div>(1966)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Chief&#160;</div>
            <div style="text-indent: 0.1pt;">Compliance&#160;</div>
            <div style="text-indent: 0.1pt;">Officer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2012&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.2pt;">Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments&#160;(2014-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: AML Officer, certain other funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary certain other funds in the&#160;Fund Complex (2008-2012); Senior Vice President and Chief Compliance Officer, Security Investor,
              LLC and certain affiliates (2010-2012); Chief&#160;Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">James M. Howley</font>&#160;</div>
            <div>(1972)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div style="text-indent: 0.1pt;">Treasurer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2006&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Mark E. Mathiasen</font>&#160;</div>
            <div>(1978)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Secretary&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2008&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.2pt;">Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Glenn McWhinnie</font>&#160;</div>
            <div>(1969)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div>Treasurer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2016&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.2pt;">Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">96







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1ce08eb90a1b4b608ba989eb816775ea">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3c88d29f8d2f40a2910ca49dc671ea17">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 68%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Time Served**</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Principal Occupation(s) During Past Five Years</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers continued:</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Michael P. Megaris</font>&#160;</div>
            <div>(1984)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div>Secretary&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">William Rehder</font>&#160;</div>
            <div>(1967)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div>Vice President&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2018&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Managing Director, Guggenheim Investments (2002-present).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Kimberly J. Scott</font>&#160;</div>
            <div>(1974)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div style="text-indent: 0.1pt;">Treasurer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2012&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen&#160;Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund
              Administration, Van Kampen Investments,&#160;Inc./Morgan Stanley Investment Management (2005-2009).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Bryan Stone</font>&#160;</div>
            <div>(1979)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Vice President&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">John L. Sullivan</font>&#160;</div>
            <div>(1955)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Chief Financial&#160;</div>
            <div style="text-indent: 0.1pt;">Officer, Chief&#160;</div>
            <div style="text-indent: 0.1pt;">Accounting&#160;</div>
            <div style="text-indent: 0.1pt;">Officer and&#160;</div>
            <div style="text-indent: 0.1pt;">Treasurer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2010&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior&#160;Managing Director, Guggenheim Investments (2010-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010);&#160;Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management
              (2002-2004); Chief Financial&#160;Officer and Treasurer, Van Kampen Funds (1996-2004).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> 97</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z32cb7dc246e64de5a4cf804927519072">

        <tr>
          <td style="width: 65.66%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">OTHER INFORMATION (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z924d3c851aaa4c2cbb231183722cf7b0">

        <tr>
          <td style="width: 12%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 10%; vertical-align: middle;">&#160;</td>
          <td style="width: 68%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Fund</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Time Served**</font>&#160;</div>
          </td>
          <td style="width: 68%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Principal Occupation(s) During Past Five Years</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" rowspan="1" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers continued:</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Jon Szafran</font>&#160;</div>
            <div>(1989)&#160;</div>
          </td>
          <td colspan="1" style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div style="text-indent: 0.1pt;">Treasurer&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2017&#160;</div>
          </td>
          <td colspan="1" style="width: 68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America)&#160;Inc. (&#8220;HGINA&#8221;), (2017); Senior Analyst of US Fund Administration, HGINA (2014&#8211;2017); Senior Associate
              of Fund Administration, Cortland&#160;Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-style: italic;">*&#160;&#160; The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</div>
    <div style="margin-bottom: 6pt; font-style: italic;">**&#160; Each officer serves an indefinite term, until his or her successor is duly elected and qualified.</div>
    <div style="margin-bottom: 6pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">98







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc0e452df815245d79da24a768a6de87d">

        <tr>
          <td style="width: 78.78%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.22%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 78.78%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 78.78%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF)</font>&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Guggenheim Strategic Opportunities Fund (the &#8220;Fund&#8221;) is a Delaware statutory trust that is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the
      &#8220;1940 Act&#8221;). Guggenheim Funds Investment Advisors, LLC (&#8220;GFIA&#8221; or the &#8220;Adviser&#8221;), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (&#8220;Guggenheim Partners&#8221;), serves as the Fund&#8217;s investment
      adviser and provides certain administrative and other services pursuant to an investment advisory agreement between the Fund and GFIA (the &#8220;Investment Advisory Agreement&#8221;). (Guggenheim Partners, GFIA, Guggenheim Partners Investment Management, LLC
      (&#8220;GPIM&#8221; or the &#8220;Sub-Adviser&#8221;) and their affiliates may be referred to herein collectively as &#8220;Guggenheim.&#8221; &#8220;Guggenheim Investments&#8221; refers to the global asset management and investment advisory division of Guggenheim Partners and includes GFIA, GPIM,
      Security Investors, LLC and other affiliated investment management businesses of Guggenheim Partners.)</div>
    <div style="margin-bottom: 6pt;">Under the terms of the Investment Advisory Agreement, GFIA is responsible for overseeing the activities of GPIM, which performs portfolio management and related services for the Fund pursuant to an investment
      sub-advisory agreement by and among the Fund, the Adviser and GPIM (the &#8220;Sub-Advisory Agreement&#8221; and together with the Investment Advisory Agreement, the &#8220;Advisory Agreements&#8221;). Under the supervision and oversight of GFIA and the Board of Trustees of
      the Fund (the &#8220;Board,&#8221; with the members of the Board referred to individually as the &#8220;Trustees&#8221;), GPIM provides a continuous investment program for the Fund&#8217;s portfolio, provides investment research, and makes and executes recommendations for the
      purchase and sale of securities for the Fund.</div>
    <div style="margin-bottom: 6pt;">Each of the Advisory Agreements continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as
      defined in the 1940 Act) of the Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not &#8220;interested person[s],&#8221; as defined by the 1940 Act, of the Fund (the &#8220;Independent Trustees&#8221;) casting votes in person at a meeting
      called for such purpose.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup>At meetings held by video conference and/or telephonically on April 20&#8211;21, 2020 (the &#8220;April Meeting&#8221;) and on May 15 and 18, 2020 (the &#8220;May
      Meeting&#8221;), the Contracts Review Committee of the Board (the &#8220;Committee&#8221;), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreements in connection with the Committee&#8217;s
      annual contract review schedule.</div>
    <div style="margin-bottom: 6pt;">As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (&#8220;Independent Legal Counsel&#8221;), from whom the Independent Trustees received separate legal advice and
      with whom they met separately. Independent Legal Counsel</div>
    <div style="margin-bottom: 6pt;">
      <hr align="left" style="height: 2px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcec5a486864a4135b53cd1baff982119">

        <tr>
          <td style="width: 4.12%; vertical-align: top;">
            <div><sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.88%; vertical-align: middle;">
            <div>On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered man- agement investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease
              2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief was originally limited to the
              period from March 13, 2020 to June 15, 2020, and was subsequently extended through August 15, 2020. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreements at a meeting of the Board held
              by video conference on May 18, 2020.</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="margin-bottom: 6pt;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">99</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z464fd5ae8b344328a2336a5e33c370c3">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">reviewed and discussed with the Committee various key aspects of the Trustees&#8217; legal responsibilities relating to the proposed renewal of the Advisory Agreements and other principal contracts. The Committee took into
      account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board receives throughout the year regarding performance and
      operating results of the Fund, and other information relevant to its evaluation of the Advisory Agreements.</div>
    <div style="margin-bottom: 6pt;">In connection with the contract review process, FUSE Research Network LLC, an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board
      fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds&#8217; relative position regarding fees, expenses and total return performance, with comparisons to a peer group of funds identified by
      Guggenheim, based on a methodology reviewed by the Board. In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. Guggenheim also made
      a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the &#8220;Contract
      Review Materials&#8221;). The Committee considered the Contract Review Materials in the context of its accumulated experience in governing the Fund and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.</div>
    <div style="margin-bottom: 6pt;">Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of the Fund to recommend
      that the Board approve the renewal of each of the Advisory Agreements for an additional annual term.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Advisory Agreement</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Nature, Extent and Quality of Services Provided by the Adviser: </font>With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee noted
      that although the Adviser delegated certain portfolio management responsibilities to the Sub-Adviser, as affiliated companies, both the Adviser and Sub-Adviser are part of the Guggenheim organization. Further, the Committee took into account
      Guggenheim&#8217;s explanation that investment advisory-related services are provided by many Guggenheim employees under different related legal entities and thus, the services provided by the Adviser on the one hand and the Sub-Adviser on the other, as
      well as the risks assumed by each party, cannot be ascribed to distinct legal entities.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2 </sup>As a result, the Committee did not evaluate the services provided to the Fund
      under the Investment Advisory Agreement and Sub-Advisory Agreement separately.</div>
    <div style="margin-bottom: 6pt;">The Committee also considered the secondary market support services provided by Guggenheim to the Fund and noted the materials describing the activities of Guggenheim&#8217;s dedicated Closed-End</div>
    <div style="margin-bottom: 6pt;">
      <hr align="left" style="height: 2px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z39d5a29ab3874024b8f7262c4cb4ec67">

        <tr>
          <td style="width: 5.84%; vertical-align: top;">
            <div><sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 94.16%; vertical-align: middle;">
            <div>Consequently, except where the context indicates otherwise, references to &#8220;Adviser&#8221; or &#8220;Sub-Adviser&#8221; should be understood as referring to Guggenheim Investments generally and the services it provides under both Advisory Agreements.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">100







      </sup>l<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> GOF </sup>l<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc18b1bd5ac714e269eaf888b021351df">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Fund Team, including with respect to communication with financial advisors, data dissemination and relationship management. In addition, the Committee considered the qualifications, experience and skills of key
      personnel performing services for the Fund, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim&#8217;s
      resources and related efforts to retain, attract and motivate capable personnel to serve the Fund. In evaluating Guggenheim&#8217;s resources and capabilities, the Committee considered Guggenheim&#8217;s commitment to focusing on, and investing resources in
      support of, funds in the Guggenheim fund complex, including the Fund.</div>
    <div style="margin-bottom: 6pt;">The Committee&#8217;s review of the services provided by Guggenheim to the Fund included consideration of Guggenheim&#8217;s investment processes and resulting performance, portfolio oversight and risk management, and the related
      regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Fund, including entrepreneurial, legal and regulatory risks. The Committee
      considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim&#8217;s adherence to regulatory requirements. The Committee also considered the regular
      reports the Board receives from the Fund&#8217;s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.</div>
    <div style="margin-bottom: 6pt;">In connection with the Committee&#8217;s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim&#8217;s administrative services, including its role in supervising, monitoring,
      coordinating and evaluating the various services provided by the fund administrator, custodian and other service providers to the Fund. The Committee evaluated the Office of Chief Financial Officer (the &#8220;OCFO&#8221;), established to oversee the fund
      administration, accounting and transfer agency services provided to funds in the Guggenheim fund complex, including the OCFO&#8217;s resources, personnel and services provided.</div>
    <div style="margin-bottom: 6pt;">With respect to Guggenheim&#8217;s resources and the ability of the Adviser to carry out its responsibilities under the Investment Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the
      Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (&#8220;GPIMH&#8221;), and the various entities comprising Guggenheim Investments, and provided the audited
      consolidated financial statements of GPIMH. (Thereafter, the Committee received the audited consolidated financial statements of GPIM.)</div>
    <div style="margin-bottom: 6pt;">The Committee also considered the acceptability of the terms of the Investment Advisory Agreement, including the scope of services required to be performed by the Adviser.</div>
    <div style="margin-bottom: 6pt;">Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee&#8217;s knowledge of how the Adviser
      performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">101</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcd7916c4af2c457b97ff1e7b35406541">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">qualified to serve the Fund in such capacity and may reasonably be expected to continue to provide a high quality of services under the Investment Advisory Agreement with respect to the Fund.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Investment Performance: </font>The Fund commenced investment operations on July 27, 2007 and its investment objective is to maximize total return through a combination of current
      income and capital appreciation. The Committee received data showing, among other things, the Fund&#8217;s total return on a net asset value (&#8220;NAV&#8221;) and market price basis for the ten-year, five-year, three-year, one-year and three-month periods ended
      December 31, 2019, as well as total return based on NAV since inception. The Committee also received certain updated performance information as of March 31, 2020.</div>
    <div style="margin-bottom: 6pt;">The Committee compared the Fund&#8217;s performance to a peer group of closed-end funds identified by Guggenheim (the &#8220;peer group of funds&#8221;) and, for NAV returns, performance versus the Fund&#8217;s benchmark for the same time
      periods. The Committee noted that the Adviser&#8217;s peer group selection methodology for the Fund starts with the entire U.S.-listed taxable closed-end fund universe that generally invests greater than 10% in at least two of the following three
      investment categories: corporate bonds, asset-backed securities and bank loans, but excludes funds: (i) with generally less than 20% financial leverage; (ii) that generally invest at least 80% in one asset class, sector or country; (iii) that
      generally invest less than 50% in credit securities; (iv) that generally invest less than 80% in the U.S.; and (v) that generally invest less than 60% in below investment grade securities. The Committee noted that the peer group of funds consists of
      9 other multi-sector bond closed-end funds, with 3 of 9 peers belonging to the same large fund family. The Committee also considered that the peer group of funds is consistent with the peer group used for purposes of the Fund&#8217;s quarterly performance
      reporting.</div>
    <div style="margin-bottom: 6pt;">The Committee observed that the returns of the Fund ranked in the 1st, 1st and 89th percentiles of its peer group of funds on an NAV basis for the five-year, three-year and one-year periods ended December 31, 2019,
      respectively.</div>
    <div style="margin-bottom: 6pt;">In addition, the Committee took into account Guggenheim&#8217;s belief that there is no single optimal performance metric, nor is there a single optimal time period over which to evaluate performance and that a thorough
      understanding of performance comes from analyzing measures of returns, risk and risk-adjusted returns, as well as evaluating strategies both relative to their market benchmarks and to peer groups of competing strategies. Thus, the Committee also
      reviewed and considered the additional performance and risk metrics provided by Guggenheim, including the Fund&#8217;s standard deviation, tracking error, beta, Sharpe ratio, information ratio and alpha compared to the benchmark, with the Fund&#8217;s risk
      metrics ranked against its peer group. In assessing the foregoing, the Committee considered Guggenheim&#8217;s statement that the Fund&#8217;s performance during 2019 exceeded the Fund&#8217;s benchmark, but trailed peers as a result of the more defensive positioning
      of the portfolio, including higher credit quality and an absence of leverage. The Committee noted the improved one-year ranking in the updated performance information. The Committee also noted Guggenheim&#8217;s statement that, on a trailing three-year and
      five-year basis and since inception, the Fund has consistently exceeded its benchmark and peer group average, while delivering volatility</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">102







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2be43678b7934ad3bd99fa69b8638d0b">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">which is in line with peers, but with lower downside deviation and down-capture compared to its benchmark, resulting in consistently superior risk-adjusted returns.</div>
    <div style="margin-bottom: 6pt;">The Committee also considered the Fund&#8217;s structure and form of leverage, and, among other information related to leverage, the cost of the leverage and the aggregate leverage outstanding as of December 31, 2019, as well
      as net yield on leverage assets and net impact on common assets due to leverage for the one-year period ended December 31, 2019 and annualized for the three-year and since-inception periods ended December 31, 2019, noting that the Fund was not
      levered at December 31, 2019 and that the net impact on common assets due to leverage for the one-year period ended December 31, 2019 was 0.00%.</div>
    <div style="margin-bottom: 6pt;">After reviewing the foregoing and other related factors, the Committee concluded that the Fund&#8217;s performance was acceptable.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Fund: </font>The Committee compared the Fund&#8217;s contractual advisory
      fee (which includes the sub-advisory fee paid to the Sub-Adviser) calculated at average managed assets for the latest fiscal year,<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3 </sup>and the Fund&#8217;s net effective
      management fee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4 </sup>and total net expense ratio, in each case as a percentage of average net assets for the latest fiscal year, to the peer group of funds and noted the
      Fund&#8217;s percentile rankings in this regard. The Committee also reviewed the average and median advisory fees (based on average net assets) and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees and
      other operating expenses), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim&#8217;s process for evaluating the competitiveness of the Fund&#8217;s fees and expenses, including the personnel involved, noting
      Guggenheim&#8217;s statement that, while profitability is evaluated, primary consideration is given to market competitiveness, support requirements and shareholder return and expense expectations.</div>
    <div style="margin-bottom: 6pt;">The Committee observed that the Fund&#8217;s contractual advisory fee based on average managed assets ranks in the second quartile (44th percentile) of its peer group; and the Fund&#8217;s net effective management fee on average
      net assets and total net expense ratio (excluding interest expense) on average net assets each rank in the first quartile (22nd percentile) of its peer group. The Committee also took into account Guggenheim&#8217;s unique investment strategy for the Fund,
      which is to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies. As a result, although the Adviser presented a peer group methodology, the Committee took into account
      Guggenheim&#8217;s statement that none of the peer funds employ a similar approach to investing and diversity of asset classes.</div>
    <div style="margin-bottom: 6pt;">
      <hr align="left" style="height: 2px; width: 10%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"> </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z44c3be76ae32443182dd651775136905">

        <tr>
          <td style="width: 4.12%; vertical-align: top;">
            <div><sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.88%; vertical-align: middle;">
            <div>Contractual advisory fee rankings represent the percentile ranking of the Fund&#8217;s contractual advisory fee relative to peers as- suming that the contractual advisory fee for each fund in the peer group is calculated on the basis of the
              Fund&#8217;s average managed assets.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.12%; vertical-align: top;">
            <div><sup style="font-family: Arial, sans-serif; vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.88%; vertical-align: middle;">
            <div>The &#8220;net effective management fee&#8221; for the Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: right; margin-bottom: 6pt;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="text-align: right; margin-bottom: 6pt;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">103</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z78d31846dd3c4d8e89ad7fe40fb1fb58">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">As part of its evaluation of the Fund&#8217;s advisory fee, the Committee considered how such fee compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment
      strategies, noting that, in certain instances, Guggenheim charges a lower advisory fee to such other clients. In this connection, the Committee considered, among other things, Guggenheim&#8217;s representations about the significant differences between
      managing registered funds as compared to other types of accounts and differences between managing a closed-end fund as compared to an open-end fund. The Committee also considered Guggenheim&#8217;s explanation that lower fees are charged in certain
      instances due to various other factors, including the scope of contract, type of investors, differences in fee structure, applicable legal, governance and capital structures, tax status and historical pricing reasons. In addition, the Committee took
      into account Guggenheim&#8217;s discussion of the entrepreneurial, legal and regulatory risks involved with the Fund as compared to other types of accounts. The Committee concluded that the information it received demonstrated that the aggregate services
      provided to, and the specific circumstances of, the Fund were sufficiently different from the services provided to, or the specific circumstances of, other clients, respectively, with similar investment strategies and/or the risks borne by Guggenheim
      were sufficiently greater than those associated with managing other clients with similar investment strategies to support the difference in fees.</div>
    <div style="margin-bottom: 6pt;">With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Fund, the Committee reviewed a profitability analysis and data from management setting forth
      the average assets under management for the twelve months ended December 31, 2019, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, earnings and the operating margin/profitability rate, including variance information
      relative to the foregoing amounts as of December 31, 2018. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in
      producing the profitability analysis.</div>
    <div style="margin-bottom: 6pt;">In the course of its review of Guggenheim Investments&#8217; profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the
      foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented, and concluded that the profits were not unreasonable.</div>
    <div style="margin-bottom: 6pt;">The Committee also considered other benefits available to the Adviser because of its relationship with the Fund and noted Guggenheim&#8217;s statement that it does not believe the Adviser derives any such &#8220;fall-out&#8221; benefits.
      In this regard, the Committee noted Guggenheim&#8217;s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser,
      enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Fund.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Economies of Scale: </font>The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Fund as the
      Fund&#8217;s assets</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">104







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69b8c595f69e4abbafc113fcbf040d8d">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">grow, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in
      the provision of services to the Fund were being passed along to and shared with the shareholders. The Committee considered that advisory fee breakpoints generally are not relevant given the structural nature of closed-end funds, which, though able
      to conduct additional share offerings periodically, do not continuously offer new shares and thus, do not experience daily inflows and outflows of capital. In addition, the Committee took into account that given the relative size of the Fund,
      Guggenheim does not believe breakpoints are appropriate at this time. The Committee also noted the additional shares offered by the Fund through secondary offerings in the past and considered that to the extent the Fund&#8217;s assets increase over time
      (whether through additional periodic offerings or internal growth from asset appreciation), the Fund and its shareholders should realize economies of scale as certain expenses, such as fixed fund fees, become a smaller percentage of overall assets.
      The Committee also took into account the competitiveness of the Fund&#8217;s contractual advisory fee (based on average managed assets), which ranks in the second quartile of its peer group.</div>
    <div style="margin-bottom: 6pt;">Based on the foregoing, among other things considered, the Committee determined that the Fund&#8217;s advisory fee was reasonable.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Sub-Advisory Agreement</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Nature, Extent and Quality of Services Provided by the Sub-Adviser: </font>As noted above, because both the Adviser and Sub-Adviser for the Fund&#8212;GFIA and GPIM, respectively&#8212;are part of
      Guggenheim Investments and the services provided by the Adviser on the one hand and the Sub-Adviser on the other cannot be ascribed to distinct legal entities, the Committee did not evaluate the services provided under the Investment Advisory
      Agreement and Sub-Advisory Agreement separately. Therefore, the Committee considered the qualifications, experience and skills of the Fund&#8217;s portfolio management team in connection with the Committee&#8217;s evaluation of Guggenheim&#8217;s investment
      professionals under the Investment Advisory Agreement.</div>
    <div style="margin-bottom: 6pt;">With respect to Guggenheim&#8217;s resources and the Sub-Adviser&#8217;s ability to carry out its responsibilities under the Sub-Advisory Agreement, as noted above, the Committee considered the financial condition of GPIMH and the
      various entities comprising Guggenheim Investments.</div>
    <div style="margin-bottom: 6pt;">The Committee also considered the acceptability of the terms of the Sub-Advisory Agreement, including the scope of services required to be performed by the Sub-Adviser.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Investment Performance: </font>The Committee considered the returns of the Fund under its evaluation of the Investment Advisory Agreement.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Comparative Fees, Costs of Services Provided and the Benefits Realized by the SubAdviser from Its Relationship with the Fund: </font>The Committee considered that the Sub-Advisory
      Agreement is with an affiliate of the Adviser, that the Adviser compensates the Sub-Adviser from its own fees so that the sub-advisory fee rate with respect to the Fund does not impact the fees paid by the Fund and that the Sub-Adviser&#8217;s revenues
      were included in the calculation of Guggenheim Investments&#8217; profitability.</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">105</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2752cc906f914a7ab21432f233bbc9de">

        <tr>
          <td style="width: 84.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.17%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">APPROVAL OF ADVISORY AGREEMENTS &#8212;</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 84.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND (GOF) continued</font>&#160;</div>
          </td>
          <td style="width: 15.17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Given its determination of the reasonableness of the advisory fee, the Committee concluded that the sub-advisory fee rate for the Fund was reasonable.</div>
    <div style="margin-bottom: 6pt;"><font style="font-style: italic;">Economies of Scale: </font>The Committee recognized that, because the Sub-Adviser&#8217;s fees are paid by the Adviser and not the Fund, the analysis of economies of scale was more
      appropriate in the context of the Committee&#8217;s consideration of the Investment Advisory Agreement, which was separately considered. (See &#8220;Investment Advisory Agreement &#8211; Economies of Scale&#8221; above.)</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Overall Conclusions</div>
    <div style="margin-bottom: 6pt;">The Committee determined that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of each Advisory
      Agreement is in the best interest of the Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to
      different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of each Advisory Agreement for an additional annual term.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">106







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zba57b54359824367979fa395c7251be2">

        <tr>
          <td style="width: 71.73%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.27%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">Unless the registered owner of common shares elects to receive cash by contacting Computershare Trust Company, N.A. (the &#8220;Plan Administrator&#8221;), all dividends declared on common shares of the Fund will be automatically
      reinvested by the Plan Administrator for shareholders in the Fund&#8217;s Dividend Reinvestment Plan (the &#8220;Plan&#8221;), in additional common shares of the Fund. Participation in the Plan is completely voluntary and may be terminated or resumed at any time
      without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Some
      brokers may automatically elect to receive cash on your behalf and may re-invest that cash in additional common shares of the Fund for you. If you wish for all dividends declared on your common shares of the Fund to be automatically reinvested
      pursuant to the Plan, please contact your broker.</div>
    <div style="margin-bottom: 6pt;">The Plan Administrator will open an account for each common shareholder under the Plan in the same name in which such common shareholder&#8217;s common shares are registered. Whenever the Fund declares a dividend or other
      distribution (together, a &#8220;Dividend&#8221;) payable in cash, nonparticipants in the Plan will receive cash and participants in the Plan will receive the equivalent in common shares. The common shares will be acquired by the Plan Administrator for the
      participants&#8217; accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (&#8220;Newly Issued Common Shares&#8221;) or (ii) by purchase of outstanding common shares on
      the open market (&#8220;Open-Market Purchases&#8221;) on the New York Stock Exchange or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commission per common share is equal to or greater than the net asset
      value per common share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant&#8217;s account will be determined by
      dividing the dollar amount of the Dividend by the net asset value per common share on the payment date; provided that, if the net asset value is less than or equal to 95% of the closing market value on the payment date, the dollar amount of the
      Dividend will be divided by 95% of the closing market price per common share on the payment date. If, on the payment date for any Dividend, the net asset value per common share is greater than the closing market value plus estimated brokerage
      commission, the Plan Administrator will invest the Dividend amount in common shares acquired on behalf of the participants in Open-Market Purchases.</div>
    <div style="margin-bottom: 6pt;">If, before the Plan Administrator has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per common share, the average per common share purchase price paid by the Plan
      Administrator may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty
      with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the
      purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">107</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z96103a94ac5149e181f7b5f43cd01c3f">

        <tr>
          <td style="width: 77.77%; vertical-align: middle;">&#160;</td>
          <td style="width: 22.23%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 77.77%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DIVIDEND REINVESTMENT PLAN (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 22.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;">amount in Newly Issued Common Shares at net asset value per common share at the close of business on the Last Purchase Date provided that, if the net asset value is less than or equal to 95% of the then current market
      price per common share; the dollar amount of the Dividend will be divided by 95% of the market price on the payment date.</div>
    <div style="margin-bottom: 6pt;">The Plan Administrator maintains all shareholders&#8217; accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common shares
      in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all
      proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instruction of the participants.</div>
    <div style="margin-bottom: 6pt;">There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commission incurred in connection with Open-Market
      Purchases. The automatic reinvestment of Dividends will not relieve participants of any Federal, state or local income tax that may be payable (or required to be withheld) on such Dividends.</div>
    <div style="margin-bottom: 6pt;">The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a
      service charge payable by the participants.</div>
    <div style="margin-bottom: 6pt;">All correspondence or questions concerning the Plan should be directed to the Plan Administrator, Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170: Attention: Shareholder Services
      Department, Phone Number: (866) 488-3559 or online at www.computershare.com/investor.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">108







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z800a4c5edc264b3696545a4f9df6a09b">

        <tr>
          <td style="width: 57.57%; vertical-align: middle;">&#160;</td>
          <td style="width: 42.43%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 57.57%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND INFORMATION</font>&#160;</div>
          </td>
          <td style="width: 42.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z69c13eb865e84565a10c8d668d0a514a">

        <tr>
          <td colspan="1" style="width: 52.51%; vertical-align: top;">&#160;
            <div><font style="font-weight: bold;">Board of Trustees</font>&#160;</div>
            <div>Randall C. Barnes&#160;</div>
            <div>&#160;</div>
            <div>Angela Brock-Kyle&#160;</div>
            <div>&#160;</div>
            <div>Donald A. Chubb, Jr.&#160;</div>
            <div>&#160;</div>
            <div>Jerry B. Farley&#160;</div>
            <div>&#160;</div>
            <div>Roman Friedrich III&#160;</div>
            <div> <br>
            </div>
            <div>Amy J. Lee*&#160;</div>
            <div>&#160;</div>
            <div>Thomas F. Lydon Jr.&#160;</div>
            <div> <br>
            </div>
            <div>Ronald A. Nyberg&#160;</div>
            <div> <br>
            </div>
            <div>Sandra G. Sponem&#160;</div>
            <div> <br>
            </div>
            <div>Ronald E. Toupin, Jr.,&#160;</div>
            <div><font style="font-style: italic;">Chairman</font>&#160;</div>
            <div>&#160;</div>
            <div>* This Trustee is an &#8220;interested person&#8221; (as&#160;</div>
            <div style="text-indent: 6.4pt;">defined in Section 2(a)(19) of the 1940 Act)&#160;</div>
            <div style="text-indent: 6.4pt;">(&#8220;Interested Trustee&#8221;) of the Fund because of&#160;</div>
            <div style="text-indent: 6.4pt;">her affiliation with Guggenheim Investments.&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Principal Executive Officers</font>&#160;</div>
            <div>Brian E. Binder&#160;</div>
            <div><font style="font-style: italic;">President and Chief Executive Officer</font>&#160;</div>
            <div> <br>
            </div>
            <div>Joanna M. Catalucci&#160;</div>
            <div><font style="font-style: italic;">Chief Compliance Officer</font>&#160;</div>
            <div>&#160;</div>
            <div>Amy J. Lee&#160;</div>
            <div><font style="font-style: italic;">Vice President and Chief Legal Officer</font>&#160;</div>
            <div>&#160;</div>
            <div>Mark E. Mathiasen&#160;</div>
            <div><font style="font-style: italic;">Secretary</font>&#160;</div>
            <div>&#160;</div>
            <div>John L. Sullivan&#160;</div>
            <div><font style="font-style: italic;">Chief Financial Officer, Chief Accounting</font>&#160;</div>
            <div><font style="font-style: italic;">Officer and Treasurer</font>&#160;</div>
          </td>
          <td colspan="1" style="width: 47.49%; vertical-align: top;">&#160;
            <div><font style="font-weight: bold;">Investment Adviser</font>&#160;</div>
            <div>Guggenheim Funds Investment&#160;</div>
            <div>Advisors, LLC&#160;</div>
            <div>Chicago, IL&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Investment Sub-Adviser</font>&#160;</div>
            <div>Guggenheim Partners Investment&#160;</div>
            <div>Management, LLC&#160;</div>
            <div>Santa Monica, CA&#160;</div>
            &#160;
            <div><font style="font-weight: bold;">Administrator and Accounting Agent</font>&#160;</div>
            <div>MUFG Investor Services (US), LLC&#160;</div>
            <div>Rockville, MD&#160;</div>
            <div> <br>
            </div>
            <div><font style="font-weight: bold;">Custodian</font>&#160;</div>
            <div>The Bank of New York Mellon Corp.&#160;</div>
            <div>New York, NY&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Legal Counsel</font>&#160;</div>
            <div>Dechert LLP&#160;</div>
            <div>Washington, D.C.&#160;</div>
            <div>&#160;</div>
            <div><font style="font-weight: bold;">Independent Registered Public</font>&#160;</div>
            <div><font style="font-weight: bold;">Accounting Firm</font>&#160;</div>
            <div>Ernst &amp; Young LLP&#160;</div>
            <div>Tysons, VA&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">109</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4994e105fea14a689083d1069114ff43">

        <tr>
          <td style="width: 63.64%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.36%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">FUND INFORMATION continued</font>&#160;</div>
          </td>
          <td style="width: 36.36%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">May 31, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Privacy Principles of Guggenheim Strategic Opportunities Fund for Shareholders</div>
    <div style="margin-bottom: 6pt;">The Fund is committed to maintaining the privacy of its shareholders and to safeguarding its non-public personal information. The following information is provided to help you understand what personal information the
      Fund collects, how we protect that information and why, in certain cases, we may share information with select other parties.</div>
    <div style="margin-bottom: 6pt;">Generally, the Fund does not receive any non-public personal information relating to its shareholders, although certain non-public personal information of its shareholders may become available to the Fund. The Fund does
      not disclose any non-public personal information about its 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).</div>
    <div style="margin-bottom: 6pt;">The Fund restricts access to non-public personal information about the shareholders to Guggenheim Funds Investment Advisors, LLC employees with a legitimate business need for the information. The Fund maintains
      physical, electronic and procedural safeguards designed to protect the non-public personal information of its shareholders.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Questions concerning your shares of Guggenheim Strategic Opportunities Fund?</div>
    <div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zafc360995dfb4146a775c0ded03d9088" style="width: 100%; font-family: Arial; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="width: 10pt">&#160;</td>
                <td style="align: right; vertical-align: top; width: 10pt;">
                  <div style="text-align: left; margin-bottom: 6pt;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; margin-bottom: 6pt;">If your shares are held in a Brokerage Account, contact your Broker.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div>
      <div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd4d4e600f122414da559a53eb104bfc2" style="width: 100%; font-family: Arial; font-size: 10pt;">

              <tr style="vertical-align: top;">
                <td style="width: 10pt">&#160;</td>
                <td style="align: right; vertical-align: top; width: 10pt;">
                  <div style="text-align: left; margin-bottom: 6pt;">&#8226;</div>
                </td>
                <td style="align: left; vertical-align: top; width: auto;">
                  <div style="text-align: left; margin-bottom: 6pt;">If you have physical possession of your shares in certificate form, contact the Fund&#8217;s Transfer Agent:<font style="font-style: italic;">Computershare Trust Company, N.A., P.O. Box 30170
                      College Station, TX 77842-3170; (866) 488-3559 or online</font>&#160;<font style="font-style: italic;">at www.computershare.com/investor</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="margin-bottom: 6pt;">This report is sent to shareholders of Guggenheim Strategic Opportunities Fund for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Fund or
      of any securities mentioned in this report.</div>
    <div style="margin-bottom: 6pt;">A description of the Fund&#8217;s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 991-0091.</div>
    <div style="margin-bottom: 6pt;">Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling (888)
      991-0091, by visiting the Fund&#8217;s website at guggenheiminvestments.com/gof or by accessing the Fund&#8217;s Form N-PX on the U.S. Securities and Exchange Commission&#8217;s (SEC) website at www.sec.gov.</div>
    <div style="margin-bottom: 6pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT, and for the reporting periods ended prior to August 31, 2019, filed such
      information on Form N-Q. The Fund&#8217;s Forms N-PORT and N-Q are available on the SEC website at www.sec.gov or at guggenheiminvestments.com/gof. The Fund&#8217;s Forms N-PORT and N-Q may also be viewed and copied at the SEC&#8217;s Public Reference Room in
      Washington, DC and that information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Notice to Shareholders</div>
    <div style="margin-bottom: 6pt;">Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940, as amended, that the Fund from time to time may purchase shares of its common stock in the open market or in private
      transactions.</div>
    <div style="margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">110







      </sup>l <sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 6pt;">This Page Intentionally Left Blank</div>
    <div style="text-align: center; margin-bottom: 6pt;"> <br>
    </div>
    <div style="margin-bottom: 6pt;"> <br>
    </div>
    <div style="text-align: right; margin-bottom: 6pt;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">GOF </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">GUGGENHEIM STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </sup>l <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">111</sup></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 6pt;">&#160;</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">ABOUT THE FUND MANAGERS
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Guggenheim Partners Investment Management, LLC</div>
    <div style="margin-bottom: 6pt;">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;) is an indirect subsidiary of Guggenheim Partners, LLC, a diversified financial services firm. The firm provides capital markets services, portfolio and risk
      management expertise, wealth management, and investment advisory services. Clients of Guggenheim Partners, LLC subsidiaries are an elite mix of individuals, family offices, endowments, foundations, insurance companies and other institutions.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Philosophy</div>
    <div style="margin-bottom: 6pt;">GPIM&#8217;s investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility
      and lower correlation of returns over time as compared to such benchmark indexes.</div>
    <div style="margin-bottom: 6pt; font-weight: bold;">Investment Process</div>
    <div style="margin-bottom: 6pt;">GPIM&#8217;s investment process is a collaborative effort between various groups including the Portfolio Construction Group, which utilize proprietary portfolio construction and risk modeling tools to determine allocation of
      assets among a variety of sectors, and its Sector Specialists, who are responsible for security selection within these sectors and for implementing securities transactions, including the structuring of certain securities directly with the issuers or
      with investment banks and dealers involved in the origination of such securities.</div>
    <div style="margin-bottom: 6pt;"><font style="font-weight: bold;">Guggenheim Funds Distributors, LLC</font><br>
      227 West Monroe Street<br>
      Chicago, IL 60606<br>
      Member FINRA/SIPC<br>
      (07/20)</div>
    <div style="margin-bottom: 6pt;"> <br>
    </div>
    <div style="margin-bottom: 6pt;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE</div>
    <div style="text-align: right; margin-bottom: 6pt; font-weight: bold;">CEF-GOF-AR-0520</div>
    <div style="text-align: right; margin-bottom: 6pt; font-weight: bold;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <br>
  </div>
  <div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 2.&#160; Code of Ethics.</div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">The registrant has adopted a code of ethics (the "Code of Ethics") that
        applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">No information need be disclosed pursuant to this paragraph.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">The registrant has not amended its Code of Ethics during the period
        covered by the report presented in Item 1 hereto.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">The registrant has not granted a waiver or an implicit waiver to its
        principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions from a provision of its Code of Ethics during the period covered by this report.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">Not applicable.</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">(1) The registrant's Code of Ethics is attached hereto as Exhibit
        (a)(1).</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(2) Not applicable.</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(3) Not applicable.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 3.&#160; Audit Committee Financial Expert.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the &#8220;Audit Committee&#8221;), Dr.
      Jerry B. Farley.&#160; Dr. Farley qualifies as an audit committee financial expert by virtue of his experience at educational institutions, where his business responsibilities have included all aspects of financial management and reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without
      limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert.&#160; The designation or identification of a person as an audit committee financial
      expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such
      designation or identification.&#160; The designation or identification of a person as an audit committee financial expert does </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">not affect the duties, obligations or liability of any other member of the Audit Committee or Board of Trustees.)</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 4.&#160; Principal Accountant Fees and Services.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(a) <u>Audit Fees</u>:&#160; the aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant's
      annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were <font style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">$97,616</font> and
      $95,235 for the fiscal years ended May 31, 2020, and May 31, 2019, respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(b) <u>Audit-Related Fees:</u> the aggregate fees billed for assurance and related services by the principal accountant that are reasonably related
      to the performance of the audit of the registrant&#8217;s financial statements and are not reported under paragraph 4(a) of this Item, were<font style="background-color: rgb(255, 255, 255);"> $28,000</font> and $0 for the fiscal years ended May 31, 2020,
      and May 31, 2019, respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant&#8217;s principal accountant did not bill fees for non-audit services that required approval by the Audit Committee pursuant to paragraph
      (c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant&#8217;s last two fiscal years.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(c) <u>Tax Fees</u>: the aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice and
      tax planning, including federal, state and local income tax return preparation and related advice and determination of taxable income and miscellaneous tax advice were<font style="background-color: rgb(255, 255, 255);"> $15,241</font> and $14,225 for
      the fiscal years ended May 31, 2020, and May 31, 2019, respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant&#8217;s principal accountant did not bill fees for tax services that required approval by the Audit Committee pursuant to paragraph
      (c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant&#8217;s last two fiscal years.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(d)&#160; <u>All Other Fees:</u> the aggregate fees billed for products and services provided by the principal accountant, other than the services
      reported in paragraphs (a) through (c) of this Item 4 were <font style="background-color: rgb(255, 255, 255);">$0</font> and $0 for the fiscal years ended May 31, 2020, and May 31, 2019, respectively.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant&#8217;s principal accountant did not bill for services not included in Items 4(a), (b) or (c) above that required approval by the Audit
      Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant&#8217;s last two fiscal years.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">&#160;(e)&#160; <u>Audit Committee Pre-Approval Policies and Procedures.</u></div>
    <div style="text-indent: 36pt; margin-top: 9pt; font-family: 'Times New Roman'; font-size: 12pt;">(1) The registrant&#8217;s audit committee reviews, and in its sole discretion, pre-approves, pursuant to written pre-approval procedures (A) all engagements
      for audit and non-audit services to be provided by the principal accountant to the registrant and (B) all engagements for non-audit services to be provided by the principal accountant (1) to the registrant&#8217;s investment adviser (not including a
      sub-adviser whose role is primarily </div>
    <div style="text-indent: 36pt; margin-top: 9pt; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-indent: 36pt; margin-top: 9pt; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">portfolio management and is sub-contracted or
      overseen by another investment adviser) and (2) to any entity controlling, controlled by or under common control with the registrant&#8217;s investment adviser that provides ongoing services to the registrant; but in the case of the services described in
      subsection (B)(1) or (2), only if the engagement relates directly to the operations and financial reporting of the registrant; provided that such pre-approval need not be obtained in circumstances in which the pre-approval requirement is waived under
      rules promulgated by the Securities and Exchange Commission or New York Stock Exchange listing standards.&#160; Sections V.B.2 and V.B.3 of the registrant&#8217;s audit committee&#8217;s revised Audit Committee Charter contain the Audit Committee&#8217;s Pre-Approval
      Policies and Procedures and such sections are included below.</div>
    <div style="margin-top: 9pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">&#160;V.B.2.Pre-approve any engagement of the independent auditors to provide any non-prohibited services, other than &#8220;prohibited non-audit services,&#8221; to the Trust, including
      the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule&#160;2-01 of Regulation S-X).</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zcdbf514161f94de5a05d42128aaa7293" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">The categories of services to be reviewed and considered for pre-approval include the following (collectively, &#8220;Identified Services&#8221;):</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';"> Audit Services</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7d136c1578b54cd8a17f51b196cb7707" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Annual financial statement audits</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf8eaee50e0e14b18a63a8ffd6496249c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Seed audits (related to new product filings, as required)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zccb43ad7f2714fe695a45e82a1300467" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">SEC and regulatory filings and consents</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Audit-Related Services</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za6cf9c767de64d2980fa1549871d957f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Accounting consultations</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbddbea4956b24d87b4b90676a0b27da6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Fund merger/reorganization support services</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z962fe26dc27b4d22a92500b1260d30f6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Other accounting related matters</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za9fa2b2895b14d7a8b3c70b10fbd3edf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Agreed upon procedures reports</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb66f8f60bcfd4e0f9ee5bf1a60cc4a68" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Attestation reports</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z767df408060e4a6382f015fb25c8895b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Other internal control reports</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Tax Services</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3f623279caec4087bd999397cab452c2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Recurring tax services:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbcb09e6b755c44d69d5bafd02d9455ee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of Federal and state income tax returns, including extensions</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z9b861acac5244f71b08adefef51117db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of calculations of taxable income, including fiscal year tax designations</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze71f2994422c490c9d1dfc09c3b5946c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of annual Federal excise tax returns (if applicable)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb503dea101dd4461ab8528f2ffd38626" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of calendar year excise distribution calculations</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd37b70bf3a6d4a79b32e18daee5a04bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Calculation of tax equalization on an as-needed basis</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb3f15e34fc2449e4a7717a09a5f04a01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of the estimated excise distribution calculations on an as-needed basis</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        <div id="DSPFPageHeader"></div>
      </div>
      <div> <br>
      </div>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z667cc2b60e504f8fbad49d650cf70ce9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of quarterly Federal, state and local and franchise tax estimated tax payments on an as-needed basis</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za61cb7dc9fa145a8bc93d55738dca601" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Preparation of state apportionment calculations to properly allocate Fund taxable income among the states for state tax filing purposes</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z237df8ddab4e4685860330a98c2824f7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Provision of tax compliance services in India for Funds with direct investments in India</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf5914dbc2c1d46d1892b1f1e57cdf45e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with management&#8217;s identification of passive foreign investment companies (PFICs) for tax purposes</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1b03dd256fd8421690f3bd3f4926b050" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 90pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Permissible non-recurring tax services upon request:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z668f5a4d8508489ba889922661070847" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with determining ownership changes which impact a Fund&#8217;s utilization of loss carryforwards</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z33206c87391c4f28884bee0d9f999299" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with calendar year shareholder reporting designations on Form 1099</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1dbd4afc15ba41edb2dbf5ab28349205" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with corporate actions and tax treatment of complex securities and structured products</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z801dd2c480464d5a84132283a08370e4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with IRS ruling requests and calculation of deficiency dividends</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb4812b681a0b43f2a3f2016d4af606b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Conduct training sessions for the Adviser&#8217;s internal tax resources</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z09f57182fe8b402ab770b8e261c5690a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Assistance with Federal, state, local and international tax planning and advice regarding the tax consequences of proposed or actual transactions</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za01f175178104be599e436f1be3ddd2e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax services related to amendments to Federal, state and local returns and sales and use tax compliance</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8dd7bf36c0e64e2795c18587b35fb043" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">RIC qualification reviews</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z999bdc89c3fa467baa2e2e167e38c711" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax distribution analysis and planning</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z89ad9beaa6254bde8a7ec3ff283d9fdb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax authority examination services</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf8f0bee1c1dc44e8986b3db1cc09303c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax appeals support services</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z23816b45db554c11868f8a29bc6efb1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax accounting methods studies</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z437e86827c574518a75cffd82e3891fd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Fund merger, reorganization and liquidation support services</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8c208babd14f4c23a8e2ea2ad93a600b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 126pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">o</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">Tax compliance, planning and advice services and related projects</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb0c17682b6b5425892b7f3864f391179" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zccba6a0361bb453b95701a38024f559a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">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.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z8767b505de1a4b67aa306126d351dd36" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">For Identified Services with estimated fees of $50,000 or more, such services require pre-approval by the Committee.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc40bb4b8327340c488b6ac0790390ed7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">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 (&#8220;CAO&#8221;) of the Trust by the independent
                auditor using the pre-approval request form attached as Appendix C to the Audit Committee Charter.&#160; The Trust&#8217;s CAO will determine whether such services are included within the list of services that have received the general pre-approval of
                the Committee.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman'; font-size: 12pt;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3ccdd171ca28400e927c680d5c3d0c4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">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).&#160;&#160;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).</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">V.B.3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">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 &#8220;control affiliate&#8221;
        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&#160;2-01 of Regulation&#160;S-X).</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z499db1edbe594af2a7eb41f27d5515c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">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 &#8220;control affiliate&#8221; 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.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z801a628ca41b4feeb8565123c25e6b1e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 12pt;">For non-audit services to the Adviser (or any &#8220;control affiliate&#8221; of the Adviser providing ongoing services to the Trust) relating directly to the operations and financial reporting of the Trust for which the
                estimated fees are $25,000 or more, such services require pre-approval by the Committee.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 4.5pt;"><br>
    </div>
    <div style="text-indent: 24.5pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule
      2-01 of Regulation S-X.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(f)&#160; Not applicable.</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(g)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, the registrant&#8217;s investment adviser (not including a sub-adviser whose role is
        primarily portfolio management and is sub-contracted with or overseen by </font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';"> <br>
      </font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">another investment adviser) and/or any entity controlling, controlled by, or under common control with the adviser that provides
        ongoing services to the registrant were<font style="font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> $43,241</font> and $14,225
        for the fiscal years ended May 31, 2020, and May 31, 2019, respectively.</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(h)&#160; Not applicable.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 5.&#160; Audit Committee of Listed Registrants.</div>
    <div style="text-indent: -13.5pt; margin-left: 13.5pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(a) The Audit Committee was established as a separately designated standing audit committee in accordance with Section
      3(a)(58)(A) of the Securities Exchange Act of 1934, as amended.&#160; The Audit Committee of the registrant is composed of: Randall C. Barnes; Ronald A. Nyberg; Ronald E. Toupin, Jr; Donald A. Chubb; Jerry B. Farley; and Roman Friedrich III.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(b) Not applicable.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 6.&#160; Schedule of Investments.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The Schedule of Investments is included as part of Item 1.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 7.&#160; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant has delegated the voting of proxies relating to its voting securities to the registrant&#8217;s investment sub-adviser, Guggenheim Partners Investment
      Management, LLC (&#8220;GPIM&#8221;).&#160; Guggenheim&#8217;s proxy voting policies and procedures are included as Exhibit (c) hereto.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 8.&#160; Portfolio Managers of Closed-End Management Investment Companies.</div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">(a)(1)&#160; GPIM serves as sub-adviser for the registrant and is responsible for the day-to-day management of the registrant&#8217;s portfolio.&#160;&#160;GPIM uses a team approach to manage client
      portfolios.&#160;&#160;Day to day management of a client portfolio is conducted under the auspices of GPIM&#8217;s Portfolio Construction Group (&#8220;PCG&#8221;).&#160;&#160;PCG&#8217;s members include the Chief Investment Officer (&#8220;CIO&#8221;) and other key investment personnel.&#160;&#160;The PCG, in
      consultation with the CIO, provides direction for overall investment strategy.&#160;&#160;The PCG performs several duties as it relates to client portfolios including: determining both tactical and strategic asset allocations; monitoring portfolio adherence to
      asset allocation targets; providing sector specialists with direction for overall investment strategy, which may include portfolio design and the rebalancing of portfolios; performing risk management oversight; assisting sector managers and research
      staff in determining the relative valuation of market sectors; and providing a forum for the regular discussion of the economy and the financial markets to enhance the robustness of GPIM&#8217;s strategic and tactical policy directives.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt;">The following individuals at GPIM share primary responsibility for the management of the registrant&#8217;s portfolio and is provided as of May 31, 2020:</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbfef3c02a2fc47f29a133ab4f986c9fa" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 28.17%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-weight: bold;">Name</div>
          </td>
          <td style="width: 8.93%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Since</div>
          </td>
          <td style="width: 62.89%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="2">
            <div style="font-weight: bold;">Professional Experience During the Last Five Years</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.17%; vertical-align: top;">
            <div>Scott Minerd - CIO</div>
          </td>
          <td style="width: 8.93%; vertical-align: top;">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 61.96%; vertical-align: top;">
            <div style="margin-right: 3.6pt;">Guggenheim Partners Investment Management, LLC: Global CIO &#8211; 2005&#8211;Present; Guggenheim Partners, LLC: Managing Partner &#8211; Insurance Advisory &#8211; 1998&#8211;Present.</div>
          </td>
          <td style="width: 0.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.17%; vertical-align: top;">
            <div>Anne B. Walsh, CFA, FLMI &#8211; Senior Managing Director and Assistant CIO</div>
          </td>
          <td style="width: 8.93%; vertical-align: top;">
            <div style="text-align: center;">2007</div>
          </td>
          <td style="width: 61.96%; vertical-align: top;">
            <div style="margin-right: 3.6pt;">Guggenheim Partners Investment Management, LLC: Senior Managing Director and Assistant CIO &#8211; 2007&#8211;Present.</div>
          </td>
          <td style="width: 0.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.17%; vertical-align: top;">&#160;</td>
          <td style="width: 8.93%; vertical-align: top;">&#160;</td>
          <td style="width: 61.96%; vertical-align: top;">&#160;</td>
          <td style="width: 0.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.17%; vertical-align: top;">
            <div>Steven Brown &#8211; Senior Managing Director</div>
          </td>
          <td style="width: 8.93%; vertical-align: top;">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 61.96%; vertical-align: top;">
            <div style="margin-right: 3.6pt;">Guggenheim Partners Investment Management, LLC -&#160; Senior Managing Director &#8211; 2019 to Present; Managing Director &#8211; 2016 to Present; Guggenheim Partners Investment Management, LLC &#8211; Director 2014 to 2016;
              Guggenheim Partners Investment Management, LLC &#8211; Vice President 2013 to 2014; Senior Associate 2012 to 2013.</div>
          </td>
          <td style="width: 0.93%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 28.17%; vertical-align: top;">
            <div>Adam Bloch &#8211; Managing Director</div>
          </td>
          <td style="width: 8.93%; vertical-align: top;">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 61.96%; vertical-align: top;">
            <div style="margin-right: 3.6pt;"><font style="background-color: #FFFFFF;">Guggenheim Partners Investment Management, LLC:</font> Managing Director &#8211; 2019 to Present;<font style="background-color: #FFFFFF;"> Director &#8211; 2015-Present; Vice
                President &#8211; 2014-2015; Senior Associate &#8211; 2013-2014; Associate &#8211; 2012-2013. Bank of America Merrill Lynch: Associate &#8211; 2011-2012.</font></div>
          </td>
          <td style="width: 0.93%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">(a)(2)(i-iii) <font style="font-style: italic;">Other Accounts Managed by the Portfolio Managers</font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">The following tables summarize information regarding each of the other accounts managed by the Guggenheim portfolio managers as of May 31, 2020:</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"><u>Scott Minerd:</u></div>
    <table cellspacing="0" cellpadding="0" id="z28c53c6a0d2d4a4a9283df6b44cfdbbf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 31.43%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Type of Account</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts</div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Registered investments companies</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">12</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$25,039,674,689</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0</div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other pooled investment vehicles</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">63</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$15,112,230,727</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">39</td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$10,342,452,743</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other accounts</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">130</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$157,982,999,073</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">13<br>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$4,373,907,829</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"><u>Anne B. Walsh:</u></div>
    <table cellspacing="0" cellpadding="0" id="zce51a7ee10db4cbbbd19c6b8219dd0ef" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 31.43%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Type of Account</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts</div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Registered investments companies</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">16<br>
            </div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$28,697,835,784</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0</div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other pooled investment vehicles</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">6<br>
            </div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$2,889,837,013</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2</div>
          </td>
          <td style="width: 20.22%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$1,986,417,505</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.43%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other accounts</div>
          </td>
          <td style="width: 11.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">85</div>
          </td>
          <td style="width: 17.11%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$147,830,685,915</div>
            </div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">&#160;4</div>
          </td>
          <td style="width: 20.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$270,724,800</div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"><u>Steven Brown:</u></div>
    <table cellspacing="0" cellpadding="0" id="zb94652d1c6354ca78d2807b720f048aa" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 32.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Type of Account</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts</div>
          </td>
          <td style="width: 20.65%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
          <td style="width: 20.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Registered investments companies</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">13</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$27,683,297,089</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other pooled investment vehicles</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">6<br>
            </div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$2,889,837,013</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">3</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$1,986,417,505</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other accounts</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">20</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$13,541,358,753</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">4</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$270,724,800</div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"><u>Adam Bloch:</u></div>
    <table cellspacing="0" cellpadding="0" id="zffc0e23f3347496f9049d2d3a6c5891b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 32.05%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>Type of Account</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts</div>
          </td>
          <td style="width: 20.65%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
          <td style="width: 20.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Total Assets in the Accounts In Which the Advisory Fee is Based on Performance</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Registered investments companies</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">19</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$27,841,351,068</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">0</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">$0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other pooled investment vehicles</div>
          </td>
          <td style="width: 11.29%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">6<br>
            </div>
          </td>
          <td style="width: 15.34%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$2,889,837,013</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">3</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$1,986,417,505</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div>Other accounts</div>
          </td>
          <td style="width: 11.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">20</div>
          </td>
          <td style="width: 15.34%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="font-size: 8pt; text-align: center;">
              <div style="font-size: 10pt;">$13,541,358,753</div>
            </div>
          </td>
          <td style="width: 20.65%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">4</div>
          </td>
          <td style="width: 20.67%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">
              <div>$270,724,800</div>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">(a)(2)(iv) <font style="font-style: italic;">Potential Conflicts of Interest</font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other account. More specifically,
      portfolio managers who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">The management of multiple funds and/or other accounts may result in a portfolio manager devoting unequal time and attention to the management of each fund and/or other account. GPIM seeks
      to manage such competing interests for the time and attention of a portfolio manager by having the portfolio manager focus on a particular investment discipline. Specifically, the ultimate decision maker for security selection for each client
      portfolio is the Sector Specialist Portfolio Manager.&#160;&#160;They are responsible for analyzing and selecting specific securities that they believe best reflect the risk and return level as provided in each client&#8217;s investment guidelines.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">GPIM may have clients with similar investment strategies.&#160;&#160;As a result, if an investment opportunity would be appropriate for more than one client, GPIM may be required to choose among those
      clients in allocating such opportunity, or to allocate less of such opportunity to a client than it would ideally allocate if it did not have to allocate to multiple clients.&#160;&#160;In addition, GPIM may determine that an investment opportunity is
      appropriate for a particular account, but not for another.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">Allocation decisions are made in accordance with the investment objectives, guidelines, and restrictions governing the respective clients and in a manner that will not unfairly favor one
      client over another. GPIM&#8217;s allocation policy provides that investment </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">decisions must never be based upon account performance or fee structure.&#160;&#160;Accordingly, GPIM&#8217;s allocation procedures are designed to ensure that investment opportunities are allocated
      equitably among different client accounts over time.&#160;&#160;The procedures also seek to ensure reasonable efficiency in client transactions and to provide portfolio managers with flexibility to use allocation methodologies appropriate to GPIM&#8217;s investment
      disciplines and the specific goals and objectives of each client account.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">In order to minimize execution costs and obtain best execution for clients, trades in the same security transacted on behalf of more than one client may be aggregated.&#160;&#160;In the event trades
      are aggregated, GPIM&#8217;s policy and procedures provide as follows: (i) treat all participating client accounts fairly; (ii) continue to seek best execution; (iii) ensure that clients who participate in an aggregated order will participate at the
      average share price with all transaction costs shared on a pro-rata basis based on each client&#8217;s participation in the transaction; (iv) disclose its aggregation policy to clients.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">GPIM, as a fiduciary to its clients, considers numerous factors in arranging for the purchase and sale of clients&#8217; portfolio securities in order to achieve best execution for its
      clients.&#160;&#160;When selecting a broker, individuals making trades on behalf of GPIM clients consider the full range and quality of a broker&#8217;s services, including execution capability, commission rate, price, financial stability and reliability.&#160;&#160;GPIM is
      not obliged to merely get the lowest price or commission but also must determine whether the transaction represents the best qualitative execution for the account.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">In the event that multiple broker/dealers make a market in a particular security, GPIM&#8217;s Portfolio Managers are responsible for selecting the broker-dealer to use with respect to executing
      the transaction.&#160;&#160;The broker-dealer will be selected on the basis of how the transaction can be executed to achieve the most favorable execution for the client under the circumstances.&#160;&#160;In many instances, there may only be one counter-party active in
      a particular security at a given time.&#160;&#160;In such situations the Employee executing the trade will use his/her best effort to obtain the best execution from the counter-party.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">GPIM and the registrant have adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect
      each and every situation in which a conflict arises.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 12pt;">(a)(3) <font style="font-style: italic;">Portfolio Manager Compensation</font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">GPIM compensates the portfolio managers for their management of the registrant&#8217;s portfolio. Compensation is evaluated based on their contribution to investment performance relative to
      pertinent benchmarks and qualitatively based on factors such as teamwork and client service efforts.&#160;&#160;GPIM&#8217;s staff incentives may include: a competitive base salary, bonus determined by individual and firm wide performance, equity participation, and
      participation opportunities in various GPIM investments.&#160;&#160;All GPIM employees are also eligible to participate in a 401(k) plan to which GPIM may make a discretionary match after the completion of each plan year.</div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">(a)(4) <font style="font-style: italic;">Portfolio Manager Securities Ownership</font></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman'; font-size: 12pt;">The following table discloses the dollar range of equity securities of the registrant beneficially owned by each GPIM portfolio manager as of May 31, 2020:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfd47b9d72d934c13ab2f35e472cd43cb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50.09%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="font-size: 12pt; font-weight: bold;">Name of Portfolio Manager</div>
          </td>
          <td style="width: 49.91%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-size: 12pt; font-weight: bold;">Dollar Amount of Equity Securities in Fund</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.09%; vertical-align: top;">
            <div style="font-size: 12pt;">Scott Minerd</div>
          </td>
          <td style="width: 49.91%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">None<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.09%; vertical-align: top;">
            <div style="font-size: 12pt;">Anne B. Walsh</div>
          </td>
          <td style="width: 49.91%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">$100,001-$500,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.09%; vertical-align: top;">
            <div style="font-size: 12pt;">Steven Brown</div>
          </td>
          <td style="width: 49.91%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">None</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.09%; vertical-align: top;">
            <div style="font-size: 12pt;">Adam Bloch</div>
          </td>
          <td style="width: 49.91%; vertical-align: top;">
            <div style="text-align: right; font-size: 12pt;">None</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 9.&#160; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">None.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 10.&#160; Submission of Matters to a Vote of Security Holders.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant&#8217;s Board of Trustees.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 11.&#160; Controls and Procedures.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(a)&#160; &#160; &#160; The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures (as defined in
      Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded based on such evaluation, as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's disclosure controls and
      procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange
      Commission&#8217;s rules and forms.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">&#160;(b)&#160; &#160; &#160; There were no changes in the registrant&#8217;s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that
      occurred during the registrant&#8217;s period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(a) The registrant has not participated in securities lending activities during the period covered by this report.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(b) Not applicable</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      <div id="DSPFPageHeader"></div>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">Item 13.&#160; Exhibits.</div>
    <div style="margin-bottom: 12pt;"><a href="ex99codeofethics.htm"><font style="font-size: 12pt; font-family: 'Times New Roman';">(a)(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">Code of Ethics for Chief Executive and Senior Financial Officers.</font></a></div>
    <div style="margin-bottom: 12pt;"><a href="ex99cert.htm"><font style="font-size: 12pt; font-family: 'Times New Roman';">(a)(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act.</font></a></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">(a)(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">Not applicable.</font></div>
    <div style="margin-bottom: 12pt;"><a href="ex99906cert.htm"><font style="font-size: 12pt; font-family: 'Times New Roman';">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">Certification of principal executive officer and principal financial officer pursuant to Rule
          30a-2(b) under the Investment Company Act and Section 906 of the Sarbanes-Oxley Act of 2002.</font></a></div>
    <div style="margin-bottom: 12pt;"><a href="ex99c.htm"><font style="font-size: 12pt; font-family: 'Times New Roman';">(c)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">Guggenheim Partners Investment Management, LLC Proxy Voting Policies and Procedures.</font></a></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report
      to be signed on its behalf by the undersigned, thereunto duly authorized.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">(Registrant)<u> Guggenheim Strategic Opportunities Fund</u></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ <font style="background-color: #FFFFFF;">Brian Binder&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </font></u></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman'; font-size: 12pt;"><font style="background-color: #FFFFFF;">Brian Binder</font></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Date:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt; font-family: 'Times New Roman';">August 10, 2020</font></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the
      following persons on behalf of the registrant and in the capacities and on the dates indicated.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ <font style="background-color: #FFFFFF;">Brian Binder&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </font></u></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 12pt;"><font style="background-color: #FFFFFF;">Brian Binder</font></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">August 10, 2020</font></div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 12pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ John L. Sullivan&#160;&#160;&#160;&#160;&#160;&#160; <br>
      </u></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">John L. Sullivan</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">Chief Financial Officer, Chief Accounting Officer and Treasurer</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-family: 'Times New Roman';">Date:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt; font-family: 'Times New Roman';">August 10, 2020</font></div>
  </div>
  <div> <br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>ex99codeofethics.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div><br>
    </div>
    <div style="text-align: right; margin-top: 7.2pt; font-weight: bold;">EXHIBIT (a)(1)</div>
    <div style="text-align: center; margin-top: 7.2pt; font-weight: bold;">APPENDIX A</div>
    <div style="text-align: center; margin-top: 11.25pt; font-weight: bold;">CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND<br>
      SENIOR FINANCIAL OFFICERS</div>
    <div style="margin-left: 7.2pt; margin-top: 11.7pt;"><font style="font-weight: bold;">I.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Covered
        Officers/Purpose of the Code</font></div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.3pt;">This code of ethics (the &#8220;Code&#8221;) is applicable to Guggenheim Funds (each a &#8220;Company&#8221; and together the &#8220;Companies,&#8221; each set forth in Exhibit A) and applies
      to the Companies&#8217; President/CEO (Principal Executive Officer),and CFO/Treasurer (Principal Financial Officer)(the &#8220;Covered Officers&#8221;) for the purpose of promoting:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z6803018c9fe94e70baeea3f4ad359159" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.2pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px 25.2pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px; text-align: justify;">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z34a33fc1fa0b48338d1f7511d3671434" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.2pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px 25.2pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px; text-align: justify;">full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (&#8220;SEC&#8221;) and in
                other public communications made by the Company;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3e76042d45894985b6bb37b3cc731d75" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.2pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px 25.2pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px; text-align: justify;">compliance with applicable laws and governmental rules and regulations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zeda2377fb88d475cad9ce835f8f774cd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.2pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px 25.2pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px; text-align: justify;">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z11dc1e8bff8b4c679eaf3e71d2417bd0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.2pt; vertical-align: top; align: right;">
              <div style="margin: 0px 0px 0px 25.2pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin: 0px 0px 0px; text-align: justify;">accountability for adherence to the Code.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.6pt;">Covered Officers are expected to dedicate their best efforts to advancing the Trust&#8217;s interests and to use objective and unbiased standards when making
      decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.<br>
      <br>
    </div>
    <div style="margin-left: 7.2pt; margin-top: 0.25pt;"><font style="font-weight: bold;">II.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Covered
        Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.55pt;"><font style="font-weight: bold;">Overview. </font>A &#8220;conflict of interest&#8221; occurs when a Covered Officer&#8217;s private interest interferes
      with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the
      Company.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.4pt;">Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict
      of interest provisions in the Investment Company Act of 1940 (&#8220;Investment Company Act&#8221;) and the Investment Advisers Act of 1940 (&#8220;Investment Advisers Act&#8221;). For example, Covered Officers may not individually engage in certain transactions (such as
      the purchase or sale of securities or other property) with the Company because of their status as &#8220;affiliated persons&#8221; of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify
      and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.5pt;">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual
      relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the
      Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the
      contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act
      and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds&#8217; Boards of Trustees (&#8220;Boards&#8221;) that the Covered Officers may also be officers or employees of one or more other
      investment companies covered by this code.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.65pt; margin-bottom: 10.8pt;">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to
      provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. <font style="font-weight: bold;">The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-left: 194.4pt; margin-top: 6.7pt;"> <br>
    </div>
    <div style="text-align: center; margin-left: 194.4pt; margin-top: 6.7pt;">*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt;">&#160;</font>*<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt;">&#160;</font>*</div>
    <div style="margin-left: 7.2pt; margin-top: 0.05pt;">Each Covered Officer must:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zef53d305320e4f2fb6c28a00f778c1c8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit
                personally to the detriment of the Company;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2f8a65797edd4e008072529fdfa58229" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z65d2bacafa46447cb12ec8f9986997fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.1pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.1pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.1pt;">report at least annually his or her affiliations or other relationships which may give rise to conflicts of interest with the Funds (provided that annual completion of the Funds&#8217; /Trustees
                and Officers Questionnaire shall satisfy the requirements of this bullet point).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 12.95pt;">There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal
      officer, if material. Examples of these include:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2bcc517be2fb4de3b34ea63f00da5eea" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 10.85pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 10.85pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 10.85pt;">service as a director on the board of any public company;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd0972f3886fa4a56939583d2da9928bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 12.25pt;">the receipt of any non de minimis gifts;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze20c5766ee074237bd0b1b3b6b06020b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.05pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.05pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.05pt;">the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost,
                appropriate as to time and place, and not so frequent as to raise any question of impropriety;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2aa069d9eee24d09b76efd282d3eec22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">any ownership interest in, or any consulting or employment relationship with, any of the Company&#8217;s service providers, other than its investment adviser, principal underwriter,
                administrator or any affiliated person thereof;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z080e6f100b2f4353b54319cedfd17aad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other
                than an interest arising from the Covered Officer&#8217;s employment, such as compensation or equity ownership.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 7.2pt; margin-top: 11.8pt;"><font style="font-weight: bold;">III.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Disclosure

        and Compliance</font></div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0dc9652f8e8041b78308609908b5fb25" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12pt;">Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Company;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zf63bd3695a9248c7973400e69f52f443" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the
                Company&#8217;s directors and auditors, and to governmental regulators and self-regulatory organizations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="ze5c15d22ab8c4d2ca64da99bb1ebcdce" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.05pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.05pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.05pt;">each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of
                promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za8451cb7ff444beeba20e761f60705bf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 25.2pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 7.2pt; margin-top: 11.5pt; margin-bottom: 31pt;"><font style="font-weight: bold;">IV.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Reporting and Accountability</font><br>
      Each Covered Officer must:</div>
    <div style="margin-top: 6.4pt; margin-bottom: 5.1pt;">_________________<br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z51722e5c762b4933b1a639a46791b257" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5.1pt; margin-top: 6.4pt;">

        <tr>
          <td style="width: 7.2pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-size: 8pt;">1</td>
          <td style="width: auto; vertical-align: top;">
            <div>Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer&#8217;s family engages in such an activity or has such a
              relationship.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z86a2dda18c8749389ed59b316bbe1aa3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 7.45pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 7.45pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 7.45pt;">upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z496f6efa32ed416f8a3ebbac3a33eff6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za7ab5337a8f140129f9beec9c6a35e31" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z004227da46904352bdaf4a7bad9ad4e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.4pt;">The Secretary, or other designated senior legal officer of the Funds&#8217; investment adviser, is responsible for applying this Code to specific situations in
      which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> However, any approvals or waivers<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> sought by the President/ CEO) will be considered by the Audit Committee of the
      Funds (the &#8220;Committee&#8221;). The Chairman of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chairman of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust
      and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.</div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.8pt;">The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will
      be disclosed on Form N-CSR<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> to the extent required by Securities and Exchange Commission rules.</div>
    <div style="margin-left: 7.2pt; margin-top: 0.05pt;">The Funds will follow these procedures in investigating and enforcing this Code:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbe3f6f0eb4da40b59ebb58f2d0e58a15" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">the Secretary or other designated senior legal officer will take all appropriate action to investigate any potential violations reported to him or her;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7b1fb9e0cb3f43a5b031f918aa93e7c0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.3pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.3pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.3pt;">if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is not required to take any further action;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z70da6a2b83434b86ad1d1fa6ffa25d67" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">any matter that the Secretary believes is a violation will be reported to the Committee;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zdda6acf7847c4cbeb3870ec3182bd6ee" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.1pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.1pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.1pt;">if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and
                appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer as an officer of the Funds;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zce7dc839faff4f8c8af413f24dcbecb9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">the Board will be responsible for granting waivers, as appropriate; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2c5498c64fd14f11abd437e824603e7c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; margin-top: 12.25pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 46.8pt; vertical-align: top; align: right;">
              <div style="margin-left: 28.8pt; margin-top: 12.25pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-top: 12.25pt;">any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-left: 7.2pt; margin-top: 11.8pt;"><font style="font-weight: bold;">V.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Other
        Policies and Procedures</font></div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; margin-top: 11.4pt; margin-bottom: 9.7pt;">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and
      forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds&#8217; adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the
      Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds&#8217; and their investment adviser&#8217;s and principal underwriter&#8217;s codes of ethics under
      Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.</div>
    <div style="margin-top: 7.8pt;">______________<br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za5b4ceafc4704bb2bf9dd9a78d2df76d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-top: 7.8pt;">

        <tr>
          <td style="width: 7.2pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right; font-size: 8pt;">2</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z235b778c23054207a828627a2e265bd3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 5.35pt; margin-top: 6.05pt;">

        <tr>
          <td style="width: 7.2pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; align: right;">3</td>
          <td style="width: auto; vertical-align: top;">
            <div>Item 2 of Form N-CSR defines &#8220;waiver&#8221; as &#8220;the approval by the registrant of a material departure from a provision of the code of ethics&#8221; and &#8220;implicit waiver,&#8221; which must also be disclosed, as &#8220;the registrant&#8217;s failure to take action
              within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer&#8221; of the registrant.</div>
          </td>
        </tr>

    </table>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 7.2pt; margin-top: 18.75pt;"><font style="font-weight: bold;">VI.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Amendments</font></div>
    <div style="margin-left: 7.2pt;">Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of</div>
    <div style="margin-left: 7.2pt; margin-top: 0.05pt;">independent directors/trustees.</div>
    <div style="margin-left: 7.2pt; margin-top: 23.3pt;"><font style="font-weight: bold;">VII</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><font style="font-weight: bold;">Confidentiality</font></div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise
      required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, as appropriate Trust, its counsel, the Adviser and its counsel and any otheradvisers, consultants or counsel retained by the Board of
      Trustees.</div>
    <div style="margin-left: 7.2pt; margin-top: 12pt; font-weight: bold;">VIII. Internal Use</div>
    <div style="margin: 11.1pt 7.2pt 20pt; text-align: justify;">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.</div>
    <div style="margin: 11.1pt 7.2pt 20pt; text-align: justify;"> <br>
    </div>
    <div style="margin: 11.1pt 7.2pt 20pt; text-align: justify;"> <br>
    </div>
    <div style="margin: 11.1pt 7.2pt 20pt; text-align: justify;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-top: 0.2pt; font-weight: bold;">Exhibit A - Covered Entities</div>
    <div style="margin: 24.2pt 0px 20pt; font-weight: bold; text-align: center;">Claymore Exchange-Traded Fund Trust<br>
      Claymore Exchange-Traded Fund Trust 2<br>
      Fiduciary/Claymore MLP Opportunity Fund (&#8220;FMO&#8221;)<br>
      Guggenheim Taxable Municipal Managed Duration Trust (&#8220;GBAB&#8221;)<br>
      Guggenheim Credit Allocation Fund (&#8220;GGM&#8221;)<br>
      Guggenheim Enhanced Equity Income Fund (&#8220;GPM&#8221;)<br>
      Guggenheim Enhanced Equity Strategy Fund (&#8220;GGE&#8221;)<br>
      Guggenheim Equal Weight Enhanced Equity Income Fund (&#8220;GEQ&#8221;)<br>
      Guggenheim Floating Rate &amp; Income Fund (&#8220;GFT&#8221;)<br>
      Guggenheim Strategic Opportunities Fund (&#8220;GOF&#8221;)<br>
      Guggenheim Energy &amp; Income Fund (&#8220;XGEIX&#8221;)<br>
      Guggenheim Funds Trust (&#8220;GFT&#8221; and its series, the &#8220;Open-End Funds&#8221;)<br>
      Guggenheim Variable Funds Trust (&#8220;GVGT&#8221; and its series, the &#8220;Variable Insurance Funds&#8221;)<br>
      Guggenheim Strategy Funds Trust (&#8220;GSF&#8221;)<br>
      Rydex Series Funds<br>
      Rydex Dynamic Funds<br>
      Rydex Variable Trust<br>
      Rydex ETF Trust</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center; margin-top: 24.2pt; margin-bottom: 426.15pt; font-weight: bold;">
      <div style="text-align: right; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">Exhibit P-2</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">CERTIFICATION FORM</div>
      <div style="margin-bottom: 12pt;"><br>
      </div>
      <div style="text-align: left; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">This is to certify that I have received, read and understand the Code of Ethics for Chief Executive and Senior Financial Officers and that I recognize that I am
        subject to the provisions thereof and will comply with the policy and procedures contained therein.</div>
      <div style="margin-bottom: 12pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">This is to further certify that I have complied with the requirements of the Code of Ethics for Chief Executive and Senior Financial Officers.</div>
      <div style="margin-bottom: 12pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">Signature: ____________________</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">Name: _______________________</div>
      <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">Date: ________________________</div>
      <div style="margin-bottom: 12pt; font-weight: normal;"><br>
      </div>
      <div style="text-align: left; margin-bottom: 12pt; font-size: 12pt; font-weight: normal;">Please sign two copies of this Certification Form, return one copy to the Chief Compliance Officer and retain the other copy, together with a copy of the Code
        of Ethics for Chief Executive and Senior Financial Officers, for your records.</div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; text-indent: 36pt; margin-left: 43.2pt; margin-bottom: 12pt; font-weight: bold;">EXHIBIT (a)(2)</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">I, <font style="background-color: #FFFFFF;">Brian Binder</font>, certify that:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">1. I have reviewed this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations,
      changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
      1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
      registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
      the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
      as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
      reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting: and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
      functions):</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
      ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
    <div style="margin-bottom: 12pt;">Date: August 10, 2020</div>
    <div style="margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>/s/<font style="background-color: #FFFFFF;"> Brian Binder &#160; &#160;</font></u></div>
    <div style="text-indent: 216pt; margin-bottom: 6pt;"><font style="background-color: #FFFFFF;">Brian Binder</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="text-indent: 36pt; margin-left: 180pt; margin-bottom: 6pt;">President and Chief Executive Officer</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">I, John L. Sullivan, certify that:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">1. I have reviewed this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
      under which such statements were made, not misleading with respect to the period covered by this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations,
      changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
      1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
      registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
      the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(c) Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
      as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(d) Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
      reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting: and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
      functions):</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
      ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: 36pt; margin-bottom: 12pt;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</div>
    <div style="margin-bottom: 12pt;">Date: August 10, 2020</div>
    <div style="text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;"> <u>/s/ John L. Sullivan&#160;&#160;&#160;&#160;&#160; </u><br>
    </div>
    <div style="text-indent: 36pt; margin-left: 144pt; margin-bottom: 12pt;">John L. Sullivan</div>
    <div style="margin-left: 180pt; margin-bottom: 12pt;">&#160;Chief Financial Officer, Chief Accounting Officer and Treasurer</div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99906cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT (b)</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Certification of CEO and CFO Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">18 U.S.C. Section 1350,</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">as Adopted Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-size: 12pt; font-weight: bold;">Section 906 of the Sarbanes-Oxley Act of 2002</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">In connection with the Report on Form N-CSR of Guggenheim Strategic Opportunities Fund (the &#8220;Issuer&#8221;) for the annual period ended May 31, 2020 (the &#8220;Report&#8221;), Brian&#160; Binder, as President and Chief
      Executive Officer of the Issuer, and John L. Sullivan, as Chief Financial Officer, Chief Accounting Officer and Treasurer of the Issuer, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z975fd0920c574c2a89769a84dd94b301">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt; font-size: 12pt;">the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51eca2844ca446e68cd11fcbe1605495">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-bottom: 12pt; font-size: 12pt;">the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Dated:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt;">August 10, 2020</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><u>/s/ <font style="font-size: 12pt;"><font style="background-color: #FFFFFF;">Brian Binder&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></font></u><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Name:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;"><font style="background-color: #FFFFFF;">Brian Binder</font></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">President and Chief Executive Officer</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
    </div>
    <u>/s/ <font style="font-size: 12pt;">John L. Sullivan &#160; &#160; &#160; &#160; &#160;</font></u></div>
  <div><u><font style="font-size: 12pt;"></font></u>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;"> <br>
      </font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;"> Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 12pt;">John L. Sullivan</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Title:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Chief Financial Officer, Chief Accounting Officer and Treasurer</font></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)
<SEQUENCE>5
<FILENAME>ex99c.htm
<DESCRIPTION>PROXY VOTING POLICIES AND PROCEDURES
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: FGS
         Document created using EDGARfilings PROfile 7.0.1.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div>
      <div>
        <div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">EXHIBIT (c)</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;">Guggenheim Partners Investment Management, LLC</div>
        <div style="margin-bottom: 12pt; font-size: 24pt; margin-top: 12pt; line-height: 1.25;">Proxy Voting Policy and Procedures</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-top: 12pt; line-height: 1.25;">&#160;</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-top: 12pt; line-height: 1.25;">Sponsor<br>
          <font style="FONT-WEIGHT: normal">Guggenheim Partners Investment Management, LLC<br>
            Chief Compliance Officer</font></div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;"><font style="font-weight: bold;">Owner</font><br>
          GPIM Director of Policies and Procedures<br>
          <br style="LINE-HEIGHT: 1.25">
          <br>
          <font style="font-weight: bold;">Contact</font><br>
          <u>arik.hirschfeld@guggenheimpartners.com</u></div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;"><font style="font-weight: bold;">Effective Date</font><br>
          March 30, 2018</div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;">By receiving, reading or reviewing this Proxy Voting Policy and Procedures (the &#8220;Proxy Voting Policy&#8221;) in whole or in part, you agree to the following terms
          and conditions: </div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;">The Proxy Voting Policy and all of its contents are the proprietary and confidential property of Guggenheim Partners Investment Management, LLC and its
          affiliated entities (&#8220;Guggenheim&#8221;), and may not be used by any other person, firm or individual and may not be redistributed except with the written permission of Guggenheim.</div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;">It is being provided to you in connection with the conduct of due diligence and for no other purpose or use.</div>
        <div style="margin-bottom: 12pt; margin-top: 12pt; line-height: 1.25;">IT MAY NOT BE REPRODUCED OR REDISTRIBUED; IS NOT INTENDED AS A DISCLOSURE OF ANY SORT; IT MAY BE CHANGED AT ANY TIME IN ANY MANNER WITHOUT THE CONSENT OF ANY
          PERSON AND WITHOUT NOTICE, IN THE SOLE DISCRETION OF GUGGENHEIM; THERE IS NO COMMITMENT TO FOLLOW ANY PROCESS OR PROVISIONS DESCRIBED IN THIS PROVY VOTING POLICY OTHER THAN THOSE SPECIFICALLY REQUIRED BY APPLICABLE LAW, RULES OR REGULATIONS;
          GUGGENHEIM MAY, IN ITS DISCRETION, DEVIATE FROM THE PROCESSES AND PROVISIONS DESCRIBED IN THIS PROXY VOTING POLICY AT ANY TIME, INCLUDING WITHOUT LIMITATION, WHERE GUGGENHEIM DETERMINES THAT SUCH A DEVIATION IS PERMISSIBLE, NECESSARY, APPROPRIATE
          AND/OR DESIRABLE.</div>
        <div style="line-height: 1.25;">Innovative Solutions. <font style="FONT-WEIGHT: bold">Enduring Values. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup></font></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
        </div>
        <table cellspacing="0" cellpadding="0" id="z62c111eaa5d445e982d4c9480dd50aa9" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; WIDTH: 3.06%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; WIDTH: 7.14%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; WIDTH: 64.28%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; TEXT-ALIGN: right; WIDTH: 25.52%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 74.48%" colspan="3">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;"><font style="font-weight: bold;">Table of Contents</font>&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%">
                <div style="font-family: Arial; line-height: 1.25;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: middle; WIDTH: 100%" colspan="4">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">1.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 71.42%; BACKGROUND-COLOR: #cceeff" colspan="2">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Policy Statement&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; line-height: 1.25;">2&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 71.42%; BACKGROUND-COLOR: #ffffff" colspan="2">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Procedures&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; line-height: 1.25;">3&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.1.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Overview&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; line-height: 1.25;">3&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.2.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Resolving Potential Conflicts of Interest&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; line-height: 1.25;">3&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.3.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Special Situations (As Applicable)&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; line-height: 1.25;">4&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.4.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Undue Influence&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; line-height: 1.25;">6&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.5.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Recordkeeping&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; line-height: 1.25;">6&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 7.14%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">2.6.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 64.28%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Disclosure&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #ffffff">
                <div style="font-family: Arial; line-height: 1.25;">7&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 3.06%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">3.&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 71.42%; BACKGROUND-COLOR: #cceeff" colspan="2">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">APPPENDIX A&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; WIDTH: 25.52%; BACKGROUND-COLOR: #cceeff">
                <div style="font-family: Arial; line-height: 1.25;">7&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="LINE-HEIGHT: 1.25">&#160;</div>
        <div style="LINE-HEIGHT: 1.25"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-top: 12pt; line-height: 1.25;">1. Policy Statement</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;) generally is responsible for voting proxies with respect to securities held in
          client accounts, including clients registered as investment companies under the Investment Company Act of 1940 (&#8220;40 Act Funds&#8221;) and clients that are pension plans (&#8220;Plans&#8221;) subject to the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;).
          This document sets forth GPIM&#8217;s policies and guidelines with respect to proxy voting and its procedures to comply with SEC Rule 206(4)-6 under the Investment Advisers Act of 1940. Rule 206(4)-6 requires each registered investment adviser that
          exercises proxy voting authority with respect to client securities to:</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">&#9726;Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes client securities in the best
          interest of clients; such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">&#9726;Disclose to clients how they may obtain information from the adviser about how the adviser voted proxies with respect to their securities;
          and</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">&#9726;Describe to clients the adviser&#8217;s proxy voting procedures and, upon request, furnish a copy of the policies and procedures.</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">Where GPIM has been delegated the responsibility for voting proxies, it must take reasonable steps under the circumstances to ensure that
          proxies are received and voted in the best long-term interests of its clients. This generally means voting proxies with a view to enhancing the value of the securities held in client accounts, considering all relevant factors and without giving
          undue weight to the opinions of individuals or groups who may have an economic interest in the outcome of the proxy vote. GPIM&#8217;s authority is initially established by its advisory contracts or comparable documents. Clients, however, may change
          their proxy voting direction at any time.</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">The financial interest of GPIM&#8217;s clients is the primary consideration in determining how proxies should be voted. Any material conflicts of
          interest between GPIM and its clients with respect to proxy voting are resolved in the best interests of the clients.</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">This policy covers only proxy voting. It does not cover corporate actions, such as rights offerings, tender offers, and stock splits, or
          actions initiated by holders of a security rather than the issuer (such as reset rights for a CLO). This policy also does not cover legal actions, such as bankruptcy proceedings or class action lawsuits. Corporate and legal actions involve
          decisions about a security itself, rather than decisions about the governance of the security&#8217;s issuer. As such, the investment team managing the client&#8217;s account will decide whether and how to respond to a corporate or legal action about which
          they are notified, with assistance from Compliance or Legal as needed.</div>
        <table cellspacing="0" cellpadding="0" id="z43186de6b5f443b9aaaf509956aeb28b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">2&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-top: 12pt; line-height: 1.25;">2. Procedures</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.1. Overview</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;) utilizes the services of an outside proxy voting firm, Institutional Shareholder
          Services Inc. (&#8220;ISS&#8221;), to act as agent for the proxy process, to maintain records on proxy votes for its clients, and to provide independent research on corporate governance, proxy and corporate responsibility issues. The proxy voting guidelines
          (the &#8220;Guidelines&#8221;), attached as Appendix A to these Proxy Voting Policy and Procedures, set forth the ISS guidelines that GPIM uses in voting specific proposals. Depending on the objective of the client account and the portfolio team managing,
          GPIM will assess the proxy voting guidelines in Appendix A to determine how proxies will be voted. GPIM reviews these voting recommendations and generally votes proxies in accordance with such recommendations.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">However, the vote entered on a client&#8217;s behalf with respect to a particular proposal may differ from the Guidelines if it is determined to
          be in the best interest of the client or if required to deviate under applicable rule, law or regulation. If a proposal is voted in a manner different than set forth in the Guidelines, the reasons therefore shall be documented in writing by the
          appropriate investment team(s) and retained by Operations. The manner in which specific proposals are to be voted may differ based on the type of client account. For example, a specific type of proposal may be considered on a case-by-case basis
          for socially aware client accounts, while all other accounts may always vote in favor of the same type of proposal.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">The Guidelines apply whether the issuer, a third party, or both solicit GPIM&#8217;s vote. For example, if an activist investor solicits GPIM to
          vote against management on a certain issue, GPIM will consult the Guidelines and determine whether to vote the proxy in accordance with the Guidelines or, if the Guidelines are contrary to the activist&#8217;s position, whether to vote in accordance
          with the recommendation of the activist investor.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">In the absence of contrary instructions received from GPIM, ISS will vote proxies in accordance with the Guidelines attached as Appendix A
          hereto, as such Guidelines may be revised from time to time. ISS will employ these guidelines based on account set up instructions received from Operations. ISS will notify Operations of all proxy proposals that do not fall within the Guidelines
          (i.e. proposals which are either not addressed in the Guidelines or proposals for which GPIM has indicated that a decision will be made on a case-by-case basis, such as fixed-income securities). Such proposals will be forwarded by Operations to
          the investment team(s) responsible for the client account. If the investment team(s) responsible determines that there is no material conflict of interest, the proposal will be voted in accordance with the recommendation of said team(s).</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.2. Resolving Potential Conflicts of Interest</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">GPIM may occasionally be subject to conflicts of interest in the voting of proxies due to relationships it maintains with persons having
          an interest in the outcome of certain votes.</div>
        <table cellspacing="0" cellpadding="0" id="zc494a7a992e045f6b354dc5eaecb2bce" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">3&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">The proxies that are not addressed by the Guidelines or are to be voted on a case-by-case basis will be forwarded to the appropriate
          investment management team(s) by Operations. Common examples of conflicts in the voting of proxies are<font style="font-weight: bold;">: </font>(a) GPIM or a GPIM affiliate provides or is seeking to provide services to the company on whose
          behalf proxies are being solicited, or (b) an employee of GPIM or its affiliate has a personal relationship with the company&#8217;s management or another proponent of a proxy issue. Senior members of the investment team responsible for voting the
          proxy will decide whether a material conflict of interest exists. If a material conflict of interest exists, the investment team will consult representatives of Investment Management and GPIM Compliance (the ad hoc &#8220;Committee&#8221;) (and Legal, as
          necessary) to determine how to vote the proxy consistent with the procedures below.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">If the Guidelines direct that proxies should be voted in a certain manner (e.g. vote against staggered boards), then GPIM will vote the
          proxy according to the Guidelines. In the absence of established Guidelines (e.g., in instances where there are no Guidelines, or the Guidelines provide for a &#8220;case-by-case&#8221; review), GPIM may vote a proxy regarding that proposal in any of the
          following ways, as recommended by the Committee:</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z848792440f6a44eb92d36dce78335a59" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%">

              <tr>
                <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 36pt; align: right">&#9726;</td>
                <td style="VERTICAL-ALIGN: top; WIDTH: auto">
                  <div style="font-family: Arial; text-align: left; line-height: 1.25;"><font style="font-weight: bold;">Refer Proposal to the Client </font>&#8211; GPIM may refer the proposal to the client and obtain&#160;instructions from the client on how to vote
                    the proxy relating to that proposal.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="zbcf7a8e493494e99b5ea790331a42a69" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%">

              <tr>
                <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 36pt; align: right">&#9726;</td>
                <td style="VERTICAL-ALIGN: top; WIDTH: auto">
                  <div style="font-family: Arial; text-align: left; line-height: 1.25;"><font style="font-weight: bold;">Obtain Client Ratification </font>&#8211; If GPIM is in a position to disclose the conflict to the client&#160;(<font style="font-style: italic;">i.e.</font>,
                    such information is not confidential), GPIM may determine how it proposes to vote&#160;the proposal on which it has a conflict, fully disclose the nature of the conflict to the client,&#160;and obtain the client&#8217;s consent for how GPIM will vote
                    on the proposal (or otherwise&#160;obtain instructions from the client on how the proxy on the proposal should be voted).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za16ef41ba03b497cb226386a3cf75b2e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%">

              <tr>
                <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 36pt; align: right">&#9726;</td>
                <td style="VERTICAL-ALIGN: top; WIDTH: auto">
                  <div style="font-family: Arial; text-align: left; line-height: 1.25;"><font style="font-weight: bold;">Use an Independent Third Party for All Proposals </font>&#8211; Subject to any client imposed&#160;proxy voting policies, GPIM may vote all
                    proposals in a proxy according to the policies of&#160;an independent third party (or to have the third party vote such proxies).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="z266b57cb691042a087277805d82e77a0" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%">

              <tr>
                <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 36pt; align: right">&#9726;</td>
                <td style="VERTICAL-ALIGN: top; WIDTH: auto">
                  <div style="font-family: Arial; text-align: left; line-height: 1.25;"><font style="font-weight: bold;">Use an Independent Third Party to Vote the Specific Proposals that Involve a</font>&#160;<font style="font-weight: bold;">Conflict </font>&#8211;
                    Subject to any client imposed proxy voting policies, GPIM may use an&#160;independent third party to recommend how the proxy for specific proposals that involve a&#160;conflict should be voted (or to have the third party vote such proxies).</div>
                </td>
              </tr>

          </table>
        </div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" id="za031440531af47b8b2c0961106964395" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 100%">

              <tr>
                <td style="VERTICAL-ALIGN: top; TEXT-ALIGN: center; WIDTH: 36pt; align: right">&#9726;</td>
                <td style="VERTICAL-ALIGN: top; WIDTH: auto">
                  <div style="font-family: Arial; font-weight: bold; text-align: left; line-height: 1.25;">Abstaining</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">The method selected by the Committee to resolve the conflict may vary from one instance to another depending upon the facts and
          circumstances of the situation, but in each case, consistent with its duty of loyalty and care.</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.3. Special Situations (As Applicable)</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.1. Securities Subject to Lending Arrangements</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">For various legal or administrative reasons, GPIM is often unable to vote securities that are, at the time of such vote, on loan pursuant
          to a client&#8217;s securities lending</div>
        <table cellspacing="0" cellpadding="0" id="zfaac1f919be740d6a34e1e2645058a75" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">4&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="LINE-HEIGHT: 1.25"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">arrangement with the client&#8217;s custodian. GPIM will refrain from voting such securities where the cost to the client and/or administrative
          inconvenience of retrieving securities then on loan outweighs the benefit of voting, assuming retrieval under such circumstances is even feasible and/or possible. In certain extraordinary situations, GPIM may seek to have securities then on loan
          pursuant to such securities lending arrangements retrieved by the clients&#8217; custodians for voting purposes. This decision will generally be made on a case-by-case basis depending on whether, in the Committee&#8217;s judgment, the matter to be voted on
          has critical significance to the potential value of the securities in question, the relative cost and/or administrative inconvenience of retrieving the securities, the significance of the holding, and whether the stock is considered a long-term
          holding. There can be no guarantee that any such securities can be retrieved for such purpose.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.2. Special Issues with Voting Foreign Proxies</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">Voting proxies with respect to shares of foreign stocks may involve significantly greater effort and corresponding cost due to the variety
          of regulatory schemes and corporate practices in foreign countries with respect to proxy voting. Because the cost of voting on a particular proxy proposal could exceed the expected benefit to a client (including an ERISA Plan), the Committee may
          weigh the costs and benefits of voting on proxy proposals relating to foreign securities and make an informed decision on whether voting a given proxy proposal is prudent.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.3. Share Blocking</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">In certain countries the exercise of voting rights could restrict the ability of an account&#8217;s portfolio manager to freely trade the
          security in question (&#8220;share blocking&#8221;). The portfolio manager retains the final authority to determine whether to block the shares in the client&#8217;s account or to forego voting the shares.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.4. Lack of Adequate Information, Untimely Receipt of Proxy or Excessive Costs </div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">GPIM may be unable to enter an informed vote in certain circumstances due to the lack of information provided in the proxy statement or by
          the issuer or other resolution sponsor, and may abstain from voting in those instances. Proxy materials not delivered in a timely manner may prevent analysis or entry of a vote by voting deadlines. GPIM&#8217;s practice is to abstain from voting a
          proxy in circumstances where, in its judgment, the costs exceed the expected benefits to the client.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.5. Formation of a Group</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">If GPIM owns shares of a public company and enters into a written or oral agreement with one or more shareholders to vote its shares in
          line with such shareholder(s) or in line with company management recommendations, several issues arise.</div>
        <table cellspacing="0" cellpadding="0" id="zdd4a336f9a3a4e7d831fc0af5087db40" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">5&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">First, if GPIM agrees to vote its shares at the direction of or in line with another member of the group, or in line with management, then
          GPIM must consider whether its vote is in the best long-term financial interests of its clients. If it is not, then GPIM will have a conflict of interest that it must resolve using the procedures set out in Section 2.2.</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">Second, if GPIM holds an irrevocable proxy for the other members of the group, or has the right to designate director nominees for which
          the other group members must vote, GPIM will be viewed as the beneficial owner of all of the other members&#8217; shares as well as its own shares. This will affect the number of shares that GPIM must report on a Schedule 13D or 13G.</div>
        <div style="margin-bottom: 12pt; margin-left: 18pt; margin-top: 12pt; line-height: 1.25;">2.3.6 &#160;Fixed Income Securities</div>
        <div style="margin-bottom: 12pt; margin-left: 45pt; margin-top: 12pt; line-height: 1.25;">The issuers of fixed income securities generally do not solicit proxies. If such an issuer were to solicit a proxy, GPIM would seek to
          apply these proxy voting procedures in determining how to vote the proxy. If the subject of the proxy is not covered in ISS Standard Guidelines or any other third-party guidelines GPIM uses, and assuming that voting the proxy does not present
          GPIM with a material conflict of interest, GPIM may vote the proxy in a manner it believes is in its clients&#8217; best long-term interests. If voting the proxy presents GPIM with a material conflict of interest, it will follow the conflict resolution
          procedures in this policy.</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.4. Undue Influence</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">If at any time any person involved in the GPIM&#8217;s proxy voting process is pressured or lobbied either by GPIM&#8217;s personnel or affiliates or
          third parties with respect to a particular proposal, he or she should provide information regarding such activity to GPIM Compliance or Legal Departments. A determination will then be made regarding this information, keeping in mind GPIM&#8217;s duty
          of loyalty and care to its clients.</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.5. Recordkeeping</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">GPIM is required to keep the following records:</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;a copy of this policy;</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;proxy statements received regarding client securities;</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;records of votes cast on behalf of clients;</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;records of how material conflicts were resolved;</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;any documents prepared by GPIM that were material to making a decision how to vote, or that memorialized the basis for the decision; and</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">&#9726;records of client requests for proxy voting information and a copy of any written response by GPIM to any client request (regardless of
          whether such client request was written or oral).</div>
        <table cellspacing="0" cellpadding="0" id="z67dd508c5ef143ff9be49fc55edb9e9c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">6&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
          <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
            <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; WIDTH: 100%; BACKGROUND-COLOR: #000000"> </div>
        </div>
        <div style="line-height: 1.25;"><img src="image00001.jpg"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
        </div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">The foregoing records will be retained for such period of time as is required to comply with applicable laws and regulations.</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">GPIM may rely on proxy statements filed on the SEC&#8217;s EDGAR system instead of keeping its own copies, and may rely on proxy statements and
          records of proxy votes cast by GPIM that are maintained with a third party, such as ISS, provided that GPIM has obtained an undertaking from the third party to provide a copy of the documents promptly upon request.</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">2.6. Disclosure</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">Rule 206(4)-6 requires GPIM to disclose in response to any client request how the client can obtain information from GPIM on how the
          client&#8217;s securities were voted. GPIM will disclose in Form ADV Part 2 that clients can obtain information on how their securities were voted by submitting a written request to GPIM. Upon receipt of a written request from a client, GPIM Compliance
          Department will provide the information requested by the client within a reasonable amount of time.</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">Rule 206(4)-6 also requires GPIM to describe its proxy voting policies and procedures to clients, and upon request, to provide clients
          with a copy of those policies and procedures. GPIM will provide such a description in its Form ADV Part 2. Upon receipt of a written request from a client, GPIM Compliance Department will provide a copy of this policy within a reasonable amount
          of time.</div>
        <div style="margin-bottom: 12pt; margin-left: 27pt; margin-top: 12pt; line-height: 1.25;">If approved by the client, this policy and any requested records may be provided electronically.</div>
        <div style="margin-bottom: 12pt; font-weight: bold; margin-top: 12pt; line-height: 1.25;">3. APPPENDIX A</div>
        <div style="margin-bottom: 12pt; margin-left: 9pt; margin-top: 12pt; line-height: 1.25;">ISS Standard Guidelines for the various relevant local markets, including the U.S., are available upon request. In addition, the
          Taft-Hartley Guidelines and the Socially Responsible Investor Guidelines are also available.</div>
        <table cellspacing="0" cellpadding="0" id="z459f2bb5f8af4d77bc6083aa6b68d54e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; WIDTH: 100%">

            <tr>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 54.54%">&#160;</td>
              <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; WIDTH: 45.46%">&#160;</td>
            </tr>
            <tr>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 54.54%">
                <div style="font-family: Arial; text-align: left; line-height: 1.25;">Confidential&#160;</div>
              </td>
              <td style="VERTICAL-ALIGN: bottom; WIDTH: 45.46%">
                <div style="font-family: Arial; text-align: right; line-height: 1.25;">7&#160;</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <br>
    </div>
  </div>
  <div></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>cef-gofar0520ex1x1.jpg
<TEXT>
begin 644 cef-gofar0520ex1x1.jpg
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M:?:Z.L&G7%H\S2&<DL^,<GVH FT5BVD6S,224Y)K*TZ>58=;<2-NC+E"3]W
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ J.:+SD"^9(F#G*'!J2B@"I]A_Z>KG_OY1]A_Z>KG_ +^5;HH J?8?
M^GJY_P"_E'V'_IZN?^_E6Z* *GV'_IZN?^_E'V'_ *>KG_OY5NB@"I]A_P"G
MJY_[^4?8?^GJY_[^5;HH J?8?^GJY_[^4?8?^GJY_P"_E6Z* *GV'_IZN?\
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M_P"GJY_[^4]+V![(788^21G.TY].E0?VM;>27 D+!Q'Y6PA]QZ#!H D^P_\
M3U<_]_*/L/\ T]7/_?RHQJUOY6XK,'#%#'Y9+ CKD"B35K=50Q+)/O3S,1+G
M"^ISB@"Y$GEQA-S/CNQR33Z9%*DT22QMN1QD'U%/H **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "H+V/S;.6,1F7<I&P-MS^-3T4 9-@E];ER8)#$SJJQR3AF0=V
MSZ>U-@M[I]5^TO;M"OELK;Y0^<]-OI^E;%% &39"^LM-C@6SWR)$3_K%^]NZ
M?ESFJ\=E=F))WMV^U).LS[W7][Q@@8.!CMFMZBCS PWAU)([AX;<B2ZDRP5U
MS&H&.YQDTJVES:NLMM9DJUOY)B,BY0@\$G.#^%;=% %;3[<VEC# Q!9% )'K
M5FBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HJ![NVCD\N2XA1_P"ZS@'\JFZ]
M* %HHHH **** "BBHIIXH #-(L88X&XXR: ):**2@!:*9'+'*NZ)U< XRISS
M3Z "BDJM_:-CG'VRWSZ>:O\ C0!:HI*6@ HHJ+SXO/\ (\Q?-QNV9YQ]* ):
M**1B%4LQ  Y)/:@!:*CAGAN%+02I*H."48$#\JDH **** "BBDH 6BHH9XIP
MQAD60*=I*G.#3&OK-'*-=0*X."ID (- %BBD!! (((/0BEH **** "BBHTFB
MD=T21&=/O*&!*_6@"2BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M_I18"S15;S7]?TH\U_7]*+ 6:*K>:_K^E'FOZ_I18"S15;S7]?TH\U_7]*+
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M?ZL4^I **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ J&[N$M+26YD#%(D+L%ZD#TJ:J]_;?;+&>VW[/.C*;L
M9QD8SBA@B*VU2VN  SB"0R&,1RLH8L.H&"<_A2MJEDLWE"Y@9ESOQ*G[O YR
M,Y[5FV_ASR+F.;SHBH;+1"(J@&01M4-QR.^>3FJ5EHT]TTZ3AH5RV&:,]#O
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MW?3,BOZ_[.*$#-!KVT1"[W4*J!DDR  #./Y\5%#J,+QW$LKQPQ0RF/>SC:>
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MNYL(RN@=&#*PR"#D$4ZJ]A:BRLHK8-O\M<;L8S^':K% !1110 4444 %%%%
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MO,?+$< \BGK'9WDC3"-)'C;86*\@J>G/H: ,.*^N)KESYTN/M4*8+]M[ C@
M8./3\ZE.M2V$]Z)HC-'YS^61(200%^7&.!\W49^E;'DV22[/+@61B'V[0"<'
M@_F>OO3(+>PN1)<Q00OY^5=_+Y?!P0<_2A?U^ R2RGDN;59983"Y)!0YXP<=
MP#[]!5BHX88[>)8H8UCC7HJC %24""BBB@ HHHH **** "BBB@ HHHH ****
M "JNI)-+I\Z6Q83,A"%6VD'V/:K5->1(UW2.J+D#+' R>!0!S-Q8:M#O^SF[
ME5C(O-T20-R[",L.V>X]Z=/9ZK-<6S%9BZ+&RN9!L0A&#;ESRVXCG!K=:_LT
M +W<"@XP3(!G.<?R/Y5!9ZO:7%JT[SP1>6Q616E'R<D#/IG%'09G+;ZFN@O&
M!=/<M(.&EPR\#.#OR1G/\0_ 5 ;76_L\H;SW(1 F)\'+8+9P1]TC'4<&MH:M
M9?:3;O/&C[2PW.N"H .>#[]_0U.;VU$4<IN81'(<(YD&&/L>] C"N;357>"8
M1RR%(%!'FA2'V,&QSUR1TJO;:?JQEW21W"RLH#.TWRE0'&UAN.3RN,Y^M;ES
MJ]K;7R6TDT*DJS2%I0/+QC&1[YHM=8LYK2.>:X@@+Q^84>49"YQGZ>]#U&M"
MEH5IJ%O<$7C3!5B"A=P,>,+C'S'D8/0#ZGBHHK/59&=)7N55G3S&\_&[]X22
MF#\HVXXX^E;37UHC;7NH%;9OP9 #M]?I[U'-J=C"(&DNHE2<D1OO&UL#/7I0
MQ&7>0ZJ-&LXH5F:Z7_6,LV",>IW#=^9^AHU2VU=]4_T.206KA=Q$F-N?E./H
M!NK9^V6HMA<FYA\@])=XV_GTH>]M8W"/<PJ[+O"F0 E?7Z>] ',R:?JS,'E%
MY)(K/@I-M 8A@&4[\@<KD<#VZU<DM-3>:>/]^ZN8\R&;:.VX* V,=3T!^M:\
M>I6,RNT5[;N$7<Q653M'J>>!3H[VUE=4CN87=UW*JR EAZCVHL.Y@6,5_IYM
MY9TNQ;P0+^Z5PW12"""_7.".#V''2K^L)J$E[:&S27RU.79),#KR",CM]:EL
MM<LKZ\EMXIHLI@*3(,N><X'MBKB7=M) TZ7$30KG=(K@J,=<GI0]1+0YR?3]
M6^QM WVJ:-UP5%Q\Q8QXZEON[\Y&<>V*GU>#46>TM[&X>-S!F2-7P?DQT/09
M)QFM@ZG8!68WUMA0&)\U> >AZ]Z>+JS,J 7$!DD3<N'&67KD>HH PS#JZA1&
MER4?(0-,-T:^8I&XEN3MSZGM4FJ6VKOJG^AR2"U<+N(DQMS\IQZ8 W5JVVIV
M5Y</!;7,4TB*&(1PW!^E6Z .>ATZ_P#/=YHV8FYB?+."=JNQ]>P(J*>QU07=
M\UF)HM[.V[S?E<$+@*,\-PW/'UKIJ* ,*:SOY=+MXXY+H2+YC-F78_W6V D,
M<\[>Y]ZJW5CJMPEU'()VWQ/G]]\C#"[549X.0<]/QS73T4 <X^G7[74TZ+<*
M1"ZP[KCE<A,#[WLWX_A5::QUB2"9)?M<H?>KHLH4%B&VD'?]WD9' Z<=:ZRB
MCI8%H8%_97K7=F]NDJNL"IYB2;0AW*3NYY& >.:6TBOI=*O]MQ++(S/%;L)"
M#M7@$$]\YYK=I%544*H"@= !B@#F;BPU:'?]G-W*K&1>;HD@;EV$98=L]Q[U
M=LK6_,UG+=*Y,<C,Q9P2H,0'K_>S6W10M .4EMM<$+[?M3RF3)(EPHQGE?GZ
M$8XX'3@U+?:?J%SJ#OMNMR-*T<B7&U "F$ &[@YZ\?4XKIJ*!W,/4+.\DN89
MH4F,PM'CWI+M"O\ *>>1[_I45_I^I2W%Q+!+<C/F&,+<%5^ZNSC/][=_7BNA
MHH$8%G!JD=A?>?\ :)+AAA5,F 3D\H=QQP1_=Z5/%;7TFBV\,S3+/YH\TB7#
M[-_/S Y^[[YK8HH Y*6'5(]L<SWSR2R,H6.;:&.UR"#OZ?=XX''3K5EK362T
MZEYC(8V!D67"-D+MVC/!!SS@5T15202 2O0D=*=0!B0V%Q;0:K';K.))'S"[
M3%MWR@<$MD'(/)QVJ-Q>6VE:JTGVA2-S12/(=Y'/3YB!CVQ]*WZ:RJZE6 93
MU!&0: .<%KJ^8RGVH(7)A#3Y,?S@_O.?F&W/'-(]CJ#W"OY=RQCN':.1YN0"
MK8)7=C )'3J.W6NFHHZ6 Y(V&K211I,MY*I*D*TP 1@RDD_.=RX!QG//8<5>
MU:'59=1;[&LZPF(KN2; )*G'&1@YQV_&M^B@#F+K3]38B$K<S0B0F/\ ?],2
M @N2WS#:. <U9O!>3:ZR6S3_ +M8V)$N(U4[\@KGDGC'%;U-"J&+ #<>IQR:
M.E@.>CL-366",RW0!1 TAN"0ORG>#SRVXC![=L8I@MM:,,4DYG;<29XXYL'
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M''7'-0Z/K\\FE/(]J\@MXF)D:0_.RXR"2/?CD].U;SV-H\31-;0F-@ 5V#!
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MYZ&@13NO$"VVG6MX]N2EP#@!^A[#ISQD_A69J>KSW!5X))84*EE"R<$$-@\
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M;80CW63D98)@D#?W))_C_2KVDZ?)8++YLR2L^T?)'M "J%'<^E:%% !1110
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MIF\L3=)/((F1MQF!50 P;<-W+9(YP:KSM>3ZU.J2W3(LI'EQS%?,0;=P'S
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MW,(D8[57S!DG . /7!'YTAOK199(C=0"2,;G4R#*CU([4 6**K+?V;R)&EW
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M:)_,CFD$L*HXCF"LS;6 R<C(!(SZ^]6([#5&N&262Y6/>@/ER[5V97H0V00
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ML<MZT]K"T:!X6MH3%(V]T*##-G.2.]9X@OI[!ED$\3R76['FX98M^<9!XX[
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M@B,[!\G?C\:N44 48-(L8;**U-M"Z1X/S(.6 QN^M7$1(UVQJJKR<*,"G44
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M)I(S)R0,J.^?S_6LK_A&LRAGNE(2-XXP(N<,&Y)SR06_3WJU?:.UT(P)PBK
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ J.;SM@\CR]V>=^<8_"I*I:O)/%IDSVV?,
M X(&2!GDC\* '?\ $P_Z=O\ QZC_ (F'_3M_X]6+;ZM]GW^4SRQ"5%:664R#
M:<\C@8/%/@UVZFEA0_94WJ"=W'KZM[#CF@#7_P")A_T[?^/4?\3#_IV_\>K%
M'B"[,'F!;8Y8#C^'W/S=.W.*<-;NY6*E(D1OE^7.X$IG(.<4 ;'_ !,/^G;_
M ,>H_P")A_T[?^/5AP:U>6]FJ,D;E1'B0YX#*3\V2.>/44X:Q=K)(R"/=(0<
M.2RKB/=Q@T ;7_$P_P"G;_QZC_B8?].W_CU83ZO>2RP[RB%65\1D@,"A.#SS
M4HUV\6!IGBA94\MFV@]&!]_7% &Q_P 3#_IV_P#'J/\ B8?].W_CU9+ZW?13
MM%)!"KJF2&.WG;G/)Z9]OQJ)M8NV>&?S(U4)("NTA68#_>.?SH V_P#B8?\
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MMT4 5/\ B8?].W_CU'_$P_Z=O_'JMT4 5/\ B8?].W_CU'_$P_Z=O_'JMT4
M5/\ B8?].W_CU'_$P_Z=O_'JMT4 5/\ B8?].W_CU'_$P_Z=O_'JMT4 5/\
MB8?].W_CU'_$P_Z=O_'JMT4 5/\ B8?].W_CU'_$P_Z=O_'JMT4 5/\ B8?]
M.W_CU'_$P_Z=O_'JMT4 5/\ B8?].W_CU'_$P_Z=O_'JMT4 5/\ B8?].W_C
MU'_$P_Z=O_'JMU#=8\M=WW-PW?2@"+_B8?\ 3M_X]1_Q,/\ IV_\>J*7R=\F
MPQ;?*^48'/WNE3,'2U(6-$7;D[#S_*@!/^)A_P!.W_CU'_$P_P"G;_QZHPT!
M<!EC6%21D'*DX&/TS2VBOEF\M&8 89C@]![4 /\ ^)A_T[?^/4?\3#_IV_\
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
..*** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>cef-gofar0520ex24x1.jpg
<TEXT>
begin 644 cef-gofar0520ex24x1.jpg
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MJ4UBBN9($5G; VC/09SUJ.'58)H+V94D"V;ND@(&25&3CFJOAC3[FQL'>_\
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MH S;>34KM9)8[BTC0321JK6S,0%=E&3Y@ST]*E\K5?\ G]LO_ 1O_CE&C_\
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M_P"CGJ_5#1_^/.3_ *^;C_T<]7Z "BBB@ HHHH **** "BBB@ HHHH ****
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M +128/\ >-&#_>- "T4F#_>-&#_>- "T4F#_ 'C1@_WC0 M%)@_WC1@_WC0
MM%)@_P!XT8/]XT +7/>);1HF&L1?ZZU52OS$;@&R0?8C(_&N@P?[QJAK2!M+
MF#'(XR#WY% %H7,16%M_$P!3WXS1=3>3;LZX+=%'JQX KDK74VM8(K6[)66Q
MPB?+DR#<%7:!DGA3^53PZ[#';PVZ1S-=1R$I;NFQW)SMZ]LG.: .DAEE^T/#
M-L+!0RLH(!'2G7-PMNBLP9MS!0%&36/=P:]<2LT:V<&U2!B1GW@X^7[HQTZ^
M_2B*WUI1"RPVH=?^>MR[A1C&,!0 ??GO0!>N;R22)S9D;44.TGM@G&#]*D+2
MW%T5BE,<<:C)4 EB>>X_SFJ TW4Y(IMU[%9E\[8K:,,O?[S,,G\ *6UT[42
M)[M+-%  2S 8NV!EF9U^O&/QH T[:-(C(%E,CELN6()!P...G%3U1T_2K33@
M#!$/-P0TS &1\G)+-C)R>:O4 %%%% !1110 4444 %%%% %#1_\ CSD_Z^;C
M_P!'/5^J&C_\><G_ %\W'_HYZOT %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 5!>C=93C&?W;?RJ>H;K_CTF_W&_E0!FV&
MGQ27<%\\2LZ1$1R=U)+9'Y']:U]HW;L#/K4%@,6$'^X#^E6* "BBB@ HHHH
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M=4:* +WF)_?7\Z/,3^^OYUF/<0),L+S1K*WW4+ ,?H*C6^M][*\BQD2>6-[
M;VXZ>O7% &OYB?WU_.CS$_OK^=9,M[!'!+*)%D$1PPC()!]/K3A<P&1XQ-'Y
MB#+IO&5'N.U &H'4G 8$_6G5G6-Q#<.'@FCE4$C*,&'3VK1H **** "H;K_5
MCZU-4-U_JQ]: *M%%% !1110!GZC%(]Q;R6ZR>>IP'&-@4D;@WX"J\MO-/IU
MSB*;S;F5CA2%('W5SN[8 S]:V** ,NYLY5AG .][ORXV"+PHZ,?IC-37-BLC
MSR'>PDA6/8F >"3D$\=^]7J* *.EV\L$4SSEC)-(7(<KD#  SMXSQVJ]110
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1256AU*QN)?*@O;:63
M^XDJD_D#0!:HJ&VNH;N-G@?>JL4)P1R#@CFGI(DF[RW5]I*G:<X(ZCZT /HJ
MG!JEE<7"P13;I6W87:1]TX;MV-6Z %HJO]NMC-#$LRL\V[R]O(;;UY''%6*
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M\_3O5R7^T)+JY:V_M&*2*#$2OYI260CEN?E '8<<UO\ E:K_ ,_ME_X"-_\
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M)!OD$H)_WCM_E[5H7)U%M0<A=273B\>Y4W^8%\OMW^]UQWZUO^5JO_/[9?\
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M?]!.R_[_ *_XT?VUI7_03LO^_P"O^- %^BJ']M:5_P!!.R_[_K_C1_;6E?\
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M"_1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M_P">_P#XXO\ A527?-,;Z3.Z\'F*#_#'DA!^0!^I--H ZZV+R6L3M(Q9D!/
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M?UO_ -=%_G0!T&L?\@R;_@/_ *$*YBNGUC_D&3?\!_\ 0A7,4(#:\.?\O'_
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M_P"NB_SJ"I[+_C^M_P#KHO\ .@#H-8_Y!DW_  '_ -"%<Q73ZQ_R#)O^ _\
MH0KF*$!M>'/^7C_@/]:/$?\ R[_\"_I1X<_Y>/\ @/\ 6CQ'_P N_P#P+^E
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M;C_KFW\J .1J:/\ Y!^J?]>,O\JAJ:/_ )!^J?\ 7C+_ "H Z^BBBD 4444
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M 5E)]W6_^NI_]$1UJUE)]W6_^NI_]$1T <_6IX?_ ./Y_P#KF?YBLNM3P_\
M\?S_ /7,_P Q3 N^(/\ CQ3_ *Z#^1KGJZ'Q!_QXI_UT'\C7/4(#H?#_ /QX
MO_UT/\A5+Q!_Q_)_US'\S5WP_P#\>+_]=#_(52\0?\?R?]<Q_,T 9===9?\
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M<&@N9-1DN(O,7Y)(USUXY4"O/J];\1HDFG*DB*ZF09##(/!KF?L-I_SZP?\
M?L4 ;W@R*./0HRB*I8@L0.IVBF>(/^/Y/^N8_F:N>'5"Z>RJ %$A  Z#@53\
M0?\ '\G_ %S'\S0!EUUUE_QXV_\ US7^5<C7767_ !XV_P#US7^5# Y&I[+_
M (_K?_KHO\Z@J>R_X_K?_KHO\Z .@UC_ )!DW_ ?_0A7,5T^L?\ (,F_X#_Z
M$*YBA ;7AS_EX_X#_6CQ'_R[_P# OZ4>'/\ EX_X#_6CQ'_R[_\  OZ4 8M=
M/H__ "#(?^!?^A&N8KI]'_Y!D/\ P+_T(T,#%UC_ )"<W_ ?_015*KNL?\A.
M;_@/_H(JE0!VM<57:UQ5" NZ/_R$X?\ @7_H)K4\0?\ 'BG_ %T'\C67H_\
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MK/T[2QI\TC1RYC;A4P>.<\G)SZ#IQ6A0 V3_ %;?0U1J])_JV^AJC0 4444
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M'>;S0Y0YC.T#Y2".>*CU2RGO-0BC1MD;V[QR2%">"5X'H:WOLS^JT?9G]5H
MY^#05@3RUDB"K(KJPC^<@-NP3GGTJWJ%A)=RPO'*L1C/+;26QW .<8/H0:U?
MLS^JT?9G]5H YR?P_*\)CBO2BM$D3C80&"J1GAAZYQT^M6)='\RWE0RJ6>99
MAN3Y<@ 8(SR./UK;^S/ZK1]F?U6@"G:PBWMHX@$&P8^1=J_@*XC_ (0G4O\
MGO:?]]M_\37H?V9_5:/LS^JT 9&H:3%J,V^=V*"(HJC(P3U;(//0<56ET%IH
M'C>[RSL6+>7W,>SIG\:Z#[,_JM'V9_5: ,2XTF1RS0W"H[2F3+1Y !381U_&
MJR^'YLE7O=Z>085RA^4$ =-V/X>WK72?9G]5H^S/ZK0!B'2IQ?&X2ZCV&7S?
M+>$L,[0N<AAS@<?6HDT(Q*WE20AUD$D;^4<\-G#'/(Y[8KH/LS^JT?9G]5H
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)** "BBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>cef-gofar0520ex89x1.jpg
<TEXT>
begin 644 cef-gofar0520ex89x1.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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MI_#K0!UE%8]KK]LWA^'5;QDMUD0ML+#)(SPOJ>*Y>/QAK-]X@M;6"UCMHY9
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MOR@]G<C)_P"^<"NAKF?"0%Y>:MK R4NKC9$Q'5$X!_'/Z5TU !1110 4444
M<8E\EFVMW$89[^\OS91 =00H"GZ#)-=5IUG'IVGP6<(^2% HXZ^I_$\U!#HM
MA!JDNHQP 7,OWFSD9]0.Q]ZT* "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "DHHH ;'&D48CB141> JC 'X4^BB@ HHHH **** "BBB@
..HHHH **** "BBB@#_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0'_____  #_[@ .061O8F4 9      !_]L 0P 0"PP.
M# H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L 0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\  $0@
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M=_V_=2^7CY-S#.2!UW>]:<<LDW@5Y)9&D=K9\LQR3U[U"/ UAD9N;DCTRO\
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MQ]:3X??\>U[_ +Z_R-=7*@EB>,D@.I4X]ZS]%T6#1HY4@DD<2D$[\<8^E%]
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M>21!&21LQSGZUHJNU0H[#%+H2WHAU%%%(04444 %%%% !1110 4444 %%%%
G!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% '__9

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