<SEC-DOCUMENT>0001821268-21-000042.txt : 20210205
<SEC-HEADER>0001821268-21-000042.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210205131128
ACCESSION NUMBER:		0001821268-21-000042
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201130
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210205
EFFECTIVENESS DATE:		20210205

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		21595195

	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>
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<SEQUENCE>1
<FILENAME>gug81326ncsr.htm
<DESCRIPTION>GOF
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      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman';">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-weight: bold;">FORM N-CSR</div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Investment Company Act file number </font><font style="font-family: 'Times New Roman';"><u>811-21982</u></font></div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';"><u>Guggenheim Strategic Opportunities Fund</u></font><font style="font-family: 'Times New Roman';"><br>
          (Exact name of registrant as specified in charter)<u></u></font></div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';"><u>227 West Monroe Street, Chicago, IL 60606</u></font><font style="font-family: 'Times New Roman';"><br>
          (Address of principal executive offices) (Zip code)</font></div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman';">Amy J. Lee</div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';"><u>227 West Monroe Street, Chicago, IL 60606</u></font><font style="font-family: 'Times New Roman';"><br>
          (Name and address of agent for service)</font></div>
      <div style="text-align: center; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Registrant&#8217;s telephone number, including area code: </font><font style="font-family: 'Times New Roman';"><u>(312) 827-0100</u></font></div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman';">Date of fiscal year end: <u>May 31</u></div>
      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman';">Date of reporting period: <u>June 1, 2020 &#8211; November 30, 2020</u></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 1.&#160; Reports to Stockholders.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">The registrant&#8217;s semi-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>
    <img src="gofcover.jpg">
    <div>&#160;</div>
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    <div><br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 18pt;">GUGGENHEIMINVESTMENTS.COM/GOF</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 14pt;">... YOUR WINDOW TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The shareholder report you are reading right now is just the beginning of the story.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b666b0d273743d59fdbf34d15dc9ddf">

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

      </table>
    </div>
    <div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z71381d3263b34e3eaea9a27d93f5af79">

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

      </table>
    </div>
    <div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e4513e02d574549aa23fa4131942916">

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

      </table>
    </div>
    <div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b08d69dc6ca4315ae65b76cf78987c3">

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

      </table>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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><br>
    </div>
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    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze7c48bf156cd447381ea6cafe3f99d7b">

        <tr>
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          <td style="width: 37.37%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 62.63%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">DEAR SHAREHOLDER (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 37.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 six-month period ended November 30, 2020, which
      concluded on a cautious note. Even though markets performed well for most of the period, COVID-19 became the deadliest pandemic in a century. The U.S. Federal Reserve acted quickly to restore market functioning and cushion the economy, cutting rates
      to zero, engaging in large-scale asset purchases, and launching an array of lending facilities. Congress also acted much faster than in previous downturns, with the budget deficit headed to the highest level since World War II.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The recovery since the spring has been faster than expected, thanks to massive fiscal support. Encouraging progress on the vaccine front bode well for vaccine take up rates and the time needed to
      bring the pandemic under control. We expect a sizable growth acceleration in the middle of 2021 as multiple vaccines are broadly distributed in the U.S. However, the latest COVID wave is the largest yet, which has led to renewed lockdowns and a
      setback in the recovery. Winter weather and holiday gatherings could cause things to get worse before they get better.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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. There you will 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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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 six-month period ended November 30, 2020, the Fund provided a
      total return based on market price of 22.78% and a total return based on NAV of 16.80%. As of November 30, 2020, the Fund&#8217;s market price of $18.64 per share represented a premium of 11.68% to its NAV of $16.69 per share.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">From June 2020 through November 2020, the Fund paid a monthly distribution of $0.1821 per share. The latest distribution represents an annualized distribution rate of 11.72% based on the Fund&#8217;s
      closing market price of $18.64 per share on November 30, 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.
      There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. Please see the Distributions to Shareholders &amp; Annualized Distribution Rate on page 24, and Note 2(f) on page 72 for more
      information on distributions for the period.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 3</div>
    <div><br>
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    <div>&#160;</div>
    <div><br>
    </div>
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          <td style="width: 68.68%; 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: 31.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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 100 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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Sincerely,</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Guggenheim Funds Investment Advisors, LLC<br>
      <font style="font-style: italic;">Guggenheim Strategic Opportunities Fund</font><br>
      <br>
      December 31, 2020</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">4 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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    <div>&#160;</div>
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          <td style="width: 75.77%; 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: 24.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
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    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The period was marked by COVID-19, the deadliest pandemic in a century, which caused a steeper plunge in output and employment in two months than during the first two years of the Great Depression.
      However, the recovery since May 2020 has been faster than expected, with consumer confidence holding up well as massive fiscal support drove positive personal income growth and a swift monetary policy response led to gains in household net worth.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Nonetheless, the U.S. economy slowed in the final weeks of 2020, as the COVID-19 pandemic worsened, with the expected holiday season surge in cases leading to new restrictions and stay-at-home orders
      in a number of states. The ramping up of vaccine distribution may help drive recovery by the second quarter of 2021, but the pace of vaccine rollout is likely not yet fast enough to stop the current wave, risking a further slowdown in the near term.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The slowing recovery was evident in falling small business optimism in November&#8217;s National Federation of Independent Business (&#8220;NFIB&#8221;) survey, which saw a sharp contraction in the number of businesses
      expecting the economy to improve. One bright spot in the report was that a relatively high amount of businesses plan more hiring, consistent with the rebound in job openings data, which has bounced back much faster than in previous recessions. These
      positive signals of elevated labor demand suggest that once the pandemic impediment to business activity starts to fade, we could see relatively rapid job growth in 2021, one of the U.S. Federal Reserve&#8217;s (the &#8220;Fed&#8217;s&#8221;) two policy mandates. The other,
      inflation at 2%, remains a challenge. While the most recent reading of core Consumer Price Index was slightly stronger than expected at 1.6%, its more durable components, such as rental inflation, continue to soften, suggesting underlying inflation
      remains weak.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Beyond the data, the market has been focused on the recently passed federal fiscal package, which adds more support for small businesses, new stimulus payments, reinstates federal unemployment
      benefits, and provides some funding for state and local governments. This stimulus should be out the door relatively quickly, helping to cushion incomes in the first quarter even as the pandemic worsens. And with Democrats taking control of the
      Senate after the period ended, more fiscal stimulus appears to be on the way, which should drive a strong recovery by the summer as vaccines are more widely distributed and consumers and businesses can draw on buffers built up during the crisis. With
      a change in Senate control, there is some chance that Democratic proposals the markets had worried about under a Biden presidency, such as corporate and individual tax hikes and heavier regulations, could move forward. A Biden presidency may also
      mean more predictable policymaking and a scaled back trade war.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">We expect the Fed to remain ultra-accommodative, continuing its current pace of asset purchases &#8220;until substantial further progress has been made&#8221; in reaching its dual mandate goals. Given the amount
      of labor market healing still ahead of us, and continued disinflationary headwinds, the Fed will likely continue to signal to the market it will be on hold even as we see strong economic growth rates in 2021.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 5</div>
    <div><br>
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    <div>&#160;</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 65.65%; 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: 34.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; 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 six-month period ended November 30, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">What is the Fund&#8217;s investment objective and how is it pursued?</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Under normal market conditions:</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z516215c7cf0f4fbd87c85ef42888c9f5">

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

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2912717f80a545069b7b2a0e97d61383">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>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> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1909e31a98144033ab0696cce20ad4a5">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">6 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc7a391dca8614471af6e6ebf7dbe5e45">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z053398355e2f4136906ffd70b12f1049">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">How did the Fund perform for the six months ended November 30, 2020?</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 six-month period ended November 30, 2020, the Fund provided a
      total return based on market price of 22.78% and a total return based on NAV of 16.80%. As of November 30, 2020, the Fund&#8217;s market price of $18.64 per share represented a premium of 11.68% to its NAV of $16.69 per share. 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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 7</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z37f8bb2fd44742de8bdd7a16517f6727">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">What were the Fund&#8217;s distributions?</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">From June 2020 through November 2020, the Fund paid a monthly distribution of $0.1821 per share. The latest distribution represents an annualized distribution rate of 11.72% based on the Fund&#8217;s
      closing market price of $18.64 per share on November 30, 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.
      There is no guarantee of any future distribution or that the current returns and distribution rate will be maintained. Please see the Distributions to Shareholders &amp; Annualized Distribution Rate on page 24, and Note 2(f) on page 72 for more
      information on distributions for the period.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">For the calendar year ended December 31, 2020, 66% of the distributions were characterized as return of capital and 34% 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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">How did other markets perform in this environment for the six-month period ended November 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="zc2195634ffc540a8aa2f638cc1382041">

        <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;">1.79%&#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;">0.39%&#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;">10.36%&#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;">7.96%&#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;">7.53%&#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;">19.98%&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Discuss performance over the period.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">During the period, the primary driver of return was from spread tightening resulting from the Fund&#8217;s purchases during the depths of the COVID-19 led sell-off in March. The Fund&#8217;s carry, or income
      received from portfolio investments, also contributed to performance. Every sector positively contributed to return of the Fund over the period.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The resetting of valuations lower across all risk asset classes in late first quarter of 2020 presented buying opportunities and prompted us to meaningfully increase the Fund&#8217;s credit allocation. The
      most attractive categories of focus included corporate bonds and bank loans. While credit spreads largely retraced from their mid-March wides, they still presented attractive long-term value.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Bank loans made up nearly 45% of the Fund&#8217;s net assets at period end and contributed the most to performance. Limited supply helped drive secondary spreads tighter as new issuance of $73 billion in
      the third quarter of 2020 still remained well below the 2017-2019 quarterly average of $104 billion. On the demand side, collateralized loan obligation issuance accelerated to $24 billion in the third quarter</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">8 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
  </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>&#160;
    <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;" id="z87dad63531b043de955243085836911a">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">of 2020, an annualized pace of ~$96 billion, which would be on par with activity seen in 2017, albeit still well below annualized levels seen in 2018-2019.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The allocation to corporate bonds was roughly 49% of the Fund&#8217;s net assets at period end. The Fund added high yield exposure over the period across a variety of themes including fallen angels. The
      Fed&#8217;s Secondary Market Corporate Credit Facility remained in place and continued to support the market mostly through the supportive sentiment it engendered as opposed to the total purchase volume. The facility has not used the vast majority of its
      buying power and would have likely stepped in if credit volatility had resurfaced. While new-issue supply set all-time highs through nine months of 2020, as nearly $350 billion has been issued in high yield, compared to $275 billion last year,
      investor demand has remained very strong. We opportunistically sourced high yield bonds for the portfolio, especially via the primary market, given the attractive relative yield pickup versus other sectors and an expected benign default environment
      for the credits we have selected. Scale, revenue diversity, and multiple liquidity levers continue to help investment-grade-rated companies weather the pandemic making the sector an attractive place to allocate capital. Investment-grade companies
      have bolstered their balance sheets by terming out debt maturities at historically low interest rates. After a robust nine months of record supply in 2020, totaling roughly $1.5 trillion, street estimates for the fourth quarter of 2020 predict a
      return to negative net issuance. The global search for yield remains strong and greater dollar liquidity has helped keep the cost of currency hedging for foreign investors low, so we continue to see robust overseas demand for U.S. credit. Headlines
      on election concerns, stimulus rhetoric, and increased COVID-19 cases all contributed to short term volatility late in the period. However, we believe the investment-grade corporate bond market will continue to see buyers step in at wider levels.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Structured credit comprised 30% of the Fund&#8217;s net assets at period end. Improving sentiment toward broader market risk continued to flow into the structured credit markets. We continued to favor
      senior tranches, as subordinated positions may encounter further credit losses that are not yet priced in should the economic impact of COVID-19 persist longer than current expectations. With that said, we see opportunities in whole-business
      asset-backed securities (&#8220;ABS&#8221;) financing for market-leading quick-service restaurant concepts, digital infrastructure securitizations, and select esoteric ABS that offer compelling yields with strong credit fundamentals.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Within structured credit, collateralized loan obligations (&#8220;CLOs&#8221;) made up 11% of the Fund&#8217;s net assets at period end. Non-agency residential mortgage-backed securities constituted 7% of the Fund&#8217;s
      net assets at period end. Since the initial increase of borrowers in forbearance in April 2020, residential mortgage-backed securities&#8217; credit performance stabilized, and spreads tightened.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund allocated to select credit closed-end funds amid March&#8217;s market turmoil to take advantage of attractive yields and deeply discounted share prices relative to their NAVs.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 9</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze33c455f74264b7eadb2a17629361641">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Interest rates at the longer end of the U.S. Treasury curve rose over the period, which modestly detracted from the Fund&#8217;s performance.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">What was the impact of derivatives on Fund performance?</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 non-USD credits
      or government securities of foreign countries. It also uses various derivatives to obtain exposure to indices that track various credit sectors.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Returns from the covered call allocation contributed to performance over the period, as the allocation was increased in-line with our broader plan to re-risk the portfolio and participate in
      strengthening risk markets.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Currency contracts were used to hedge non-U.S. dollar credit positions. Their contribution to performance was neutral, as any gain or loss on the contract was offset by either a gain or loss on the
      security denominated in a non-U.S. currency.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund used both total return swaps and credit default swaps to gain exposure to various credit sectors. Positions in both added to performance through income and unrealized appreciation.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Discuss the Fund&#8217;s approach to duration.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund has no set policy regarding portfolio duration or maturity; interest rate duration at period end was ~5.1 years.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Discuss the Fund&#8217;s use of leverage.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund employed no leverage going into the COVID-19 crisis. After spreads widened materially, the Fund began adding leverage, which continued throughout the period. Leverage was approximately 27% of
      managed assets (including the proceeds of leverage) at November 30, 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">10 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    &#160;
    <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;" id="zb97eacfe781c4226ae78439491bcabc2">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Index Definitions</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Indices are unmanaged and reflect no expenses. It is not possible to invest directly in an index.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Bloomberg Barclays U.S. Aggregate Bond Index </font>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-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Index </font>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-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Bloomberg Barclays U.S. Corporate High Yield Index </font>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-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Credit Suisse Leveraged Loan Index </font>is an index designed to mirror the investable universe of the U.S.-dollar-denominated leveraged loan market.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">ICE Bank of America Merrill Lynch Asset Backed Security Master BBB-AA Index </font>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-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Markit North American High Yield CDX Index </font>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-top: 12pt; margin-bottom: 12pt;">The <font style="font-weight: bold;">Standard &amp; Poor&#8217;s 500 (&#8220;S&amp;P 500&#8221;) </font>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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Risks and Other Considerations</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 public 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</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
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      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 11</div>
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    <div>&#160;</div>
    <div><br>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">similar measures intended to contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Corporate Bond Risk. </font>Corporate bonds are debt obligations issued by corporations and other business entities. Corporate bonds may be either secured or
      unsecured. Collateral used for secured debt includes real property, machinery, equipment, accounts receivable, stocks, bonds or notes. If a bond is unsecured, it is known as a debenture. Bondholders, as creditors, have a prior legal claim over common
      and preferred stockholders as to both income and assets of the corporation for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or
      floating, or the bonds may be zero coupons. Interest on corporate bonds is typically paid semi-annually and is fully taxable to the bondholder.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">12 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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    <div><br>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Corporate bonds contain elements of both interest-rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also
      be affected by the credit rating of the corporation, the corporation&#8217;s performance and perceptions of the corporation in the marketplace. Corporate bonds usually yield more than government or agency bonds due to the presence of credit risk. Depending
      on the nature of the seniority provisions, a senior corporate bond may be junior to other credit securities of the issuer. The market value of a corporate bond may be affected by factors directly related to the issuer, such as investors&#8217; perceptions
      of the creditworthiness of the issuer, the issuer&#8217;s financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&#8217;s capital structure and use of financial leverage and demand for the
      issuer&#8217;s goods and services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality
      are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><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, securities indices, exchange-traded funds and baskets of 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-top: 12pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Credit Risk. </font>The Fund could lose money if the issuer or guarantor of a debt 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. Also, the issuer, guarantor or counterparty may suffer adverse changes in its financial condition or be adversely affected by
      economic, political or social conditions that could lower the credit quality (or the market&#8217;s perception of the credit quality) of the issuer or instrument, leading to greater volatility in the price of the instrument and in shares of the Fund.
      Although credit quality may not accurately reflect the true credit risk of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument&#8217;s liquidity and make it more difficult
      for the Fund to sell at an</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
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      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 13</div>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">advantageous price or time. The risk of the occurrence of these types of events is especially heightened under current conditions.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><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 have enacted and 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 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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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 (or are expected to change).
      Changes in interest rates, including changes in reference rates used in fixed-income and other debt instruments (such as the London Interbank Offered Rate (&#8220;LIBOR&#8221;), may adversely affect the Fund&#8217;s investments in these instruments, such as</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">14 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">the value or liquidity of, and income generated by, the investments. In addition, changes in interest rates, including rates that fall below zero, can have unpredictable effects on markets and can
      adversely affect the Fund&#8217;s yield, income and performance. 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 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-top: 12pt; margin-bottom: 12pt;"><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 ultimately be discontinued, which may cause increased volatility and illiquidity in the markets for instruments with terms tied to LIBOR or other adverse
      consequences, such as decreased yields and reduction in value, for these instruments. These events may adversely affect the Fund and its investments in such instruments.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
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      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 15</div>
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            <div><font style="font-weight: bold;">QUESTIONS &amp; ANSWERS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><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&#8221;). 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 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-top: 12pt; margin-bottom: 12pt;"><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 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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">16 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1d8f75f525d54cc78ec006cd530a2fc3">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;"><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 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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 17</div>
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      <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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a414b1758b8443cac033021b8ddd7c3">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;"><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 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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">18 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
  </div>
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    <div id="DSPFPageBreak" style="page-break-after: always;">
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  </div>
  <div>&#160;
    <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;" id="z4abb05c218684b0e88739e9f6f547fbd">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; margin-left: 9pt;"><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 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-top: 12pt; margin-bottom: 12pt; margin-left: 9pt;"><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, public 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-top: 12pt; margin-bottom: 12pt;"><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 MBS. 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</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 19</div>
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  </div>
  <div>&#160;
    <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;" id="z46659143efa8478d9fbe694d7bb1f90e">

        <tr>
          <td style="width: 71.72%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.28%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 71.72%; 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: 28.28%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 public health conditions.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><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 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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; 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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">20 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z42506a4891ca45388772d72d91d619ea">

        <tr>
          <td style="width: 18.55%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.64%; vertical-align: middle;">&#160;</td>
          <td style="width: 18.56%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.37%; vertical-align: middle;">&#160;</td>
          <td style="width: 12.37%; vertical-align: middle;">&#160;</td>
          <td style="width: 16.5%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 40.19%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">FUND SUMMARY (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;">November 30, 2020&#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: 18.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Fund Statistics</font>&#160;</div>
          </td>
          <td style="width: 21.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Share Price&#160;</div>
          </td>
          <td style="width: 21.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; 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 style="text-align: right;">$18.64&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net Asset Value&#160;</div>
          </td>
          <td style="width: 21.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$16.69&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Premium to NAV&#160;</div>
          </td>
          <td style="width: 21.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; 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 style="text-align: right;">11.68%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 18.55%; 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: 21.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$763,229&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </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;">

        <tr>
          <td colspan="3" style="vertical-align: bottom;">
            <div><font style="font-weight: bold;">AVERAGE ANNUAL TOTAL RETURNS FOR THE</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 colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">PERIOD ENDED NOVEMBER 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Six month</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>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">(non-</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">One</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Three</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Five</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ten</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">annualized)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Year</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Guggenheim Strategic Opportunities Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">NAV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">16.80%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11.68%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7.07%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11.07%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10.31%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Market&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">22.78%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.96%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7.27%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13.72%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10.80%&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 21</div>
    </div>
    <div>&#160;</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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z22233f722d7040e3a746b314e67c4d86">

        <tr>
          <td style="width: 65.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.65%; 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: 34.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z26aed1811c774d139d57d2c1eeec83be">

        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Portfolio Breakdown</font>&#160;</div>
          </td>
          <td style="width: 34.34%; 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: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Investments</font>&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">48.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">44.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asset Backed Securities&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">20.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage Obligations&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Closed-End Funds&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Preferred Stocks&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; 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: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; 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: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">142.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Call Options Written&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(0.2%)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; 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: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(42.5%)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; 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: 34.34%; 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 style="width: 65.66%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Ten Largest Holdings</font>&#160;</div>
          </td>
          <td style="width: 34.34%; 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: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pershing Square Tontine Holdings Ltd. &#8212; Class A&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Morgan Stanley Finance LLC, 0.50%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boeing Co., 5.81%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Delta Air Lines, Inc., 7.00%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Aesf Vi Verdi LP, 2.15%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Midcap Funding XLVI Trust, 5.65%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ViacomCBS, Inc., 4.95%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Taxable Municipal Bond Trust&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BP Capital Markets plc, 4.88%&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Aequi Acquisition Corp.&#160;</div>
          </td>
          <td style="width: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 65.66%; 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: 34.34%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">15.2%&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">&#8220;Ten Largest Holdings&#8221; excludes any temporary cash or derivative investments.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">22 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z08cb3c089d8a4af2a51c57ed3fc7e8b6">

        <tr>
          <td style="width: 65.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.65%; 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: 34.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zf59c523a02764964af562e6cedc2dbce">

        <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;">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;">AA&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.8%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">A&#160;</div>
          </td>
          <td style="width: 31.31%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8.7%&#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;">16.9%&#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;">14.7%&#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;">26.1%&#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;">4.3%&#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;">2.6%&#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;">0.3%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; background-color: rgb(204, 238, 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(204, 238, 255);">
            <div style="text-align: right;">11.5%&#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;">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(255, 255, 255);">
            <div style="text-align: right;">13.6%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.69%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 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(204, 238, 255);">
            <div style="text-align: right;">100.0%&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z549ddddfd68a4742a8a7c1b4ed987da3">

        <tr>
          <td style="width: 4.41%; vertical-align: top;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1&#160; &#160; &#160;</sup></div>
          </td>
          <td style="width: 95.59%; vertical-align: middle;">
            <div>Source: BlackRock Solutions. Credit quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). All 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>
          </td>
        </tr>
        <tr>
          <td style="width: 4.41%; vertical-align: top;">
            <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2&#160; &#160; &#160;</sup></div>
          </td>
          <td style="width: 95.59%; vertical-align: middle;">
            <div>NR (not rated) securities do not necessarily indicate low credit quality.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 23</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>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5f0c4299ab5745a6a2e493ef2460c1c5">

        <tr>
          <td style="width: 65.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.35%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 65.65%; 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: 34.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="cef-gofsar1120x24x1.jpg"></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">All or a portion of the above distributions may be characterized as a return of capital. For the calendar year ended December 31, 2020, 66% of the distributions were characterized
      as return of capital and 34% 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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">24 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
    <div><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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5715f0caa40245888dc952800c13dd6f">

        <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;">SCHEDULE OF INVESTMENTS (Unaudited)</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;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z653e98eef8c44d0388feb8222694e0b0">

        <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: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 4.8%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Diversified &#8211; 4.5%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pershing Square Tontine Holdings Ltd. &#8212; Class A*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,042,740&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 27,121,667&#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>Aequi Acquisition Corp.*&#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;">738,900&#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;">7,389,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Diversified</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">34,510,667&#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: 70%; 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: 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: 70%; 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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,789&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">408,264&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13,571&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">237,492&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,126&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">83,445&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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;,2</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,989&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">26,637&#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>Save-A-Lot*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#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;">15,565&#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>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">755,838&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 0.1%</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">22,219&#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;">744,337&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Summit Midstream Partners, LP*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,963&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">240,084&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SandRidge Energy, Inc.*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">39,565&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">105,638&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Titan Energy LLC*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,603&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">298&#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><font style="font-weight: bold;">Total Energy</font>&#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>&#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;">346,020&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Exide Technologies*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">342&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">341,710&#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: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Qlik Technologies, Inc. - Class A*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">56&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">71,072&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Qlik Technologies, Inc. - Class B*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; 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: 15%; 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: 70%; 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: 15%; 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%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">71,072&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 0.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BP Holdco LLC*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;,2</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">55,076&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">19,419&#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>Vector Phoenix Holdings, LP*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#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;">55,076&#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;">4,950&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">24,369&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Common Stocks</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $32,962,415)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">36,794,013&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">PREFERRED STOCKS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 4.1%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 3.6%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of America Corp., 4.38%*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">240,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,225,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Public Storage, 4.63%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">144,400&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,890,136&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wells Fargo &amp; Co., 4.70%&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">148,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,750,320&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Prudential Financial, Inc., 4.13% due 09/01/60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">140,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,592,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Financial Group, Inc., 4.50% due 09/15/60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,720,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CNO Financial Group, Inc., 5.13% due 11/25/60*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">80,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,099,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>First Republic Bank, 4.13%*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">54,800&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,393,016&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 25</div>
    <div><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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfff5dd33cdef4a0fb7080f0c464d02b4">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc7a3fab291474f74a05c6485ac34fb2a">

        <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: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">PREFERRED STOCKS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 4.1% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 3.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Assurant, Inc., 5.25% due 01/15/61*&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">40,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,090,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Public Storage, 5.40%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">41,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,054,110&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>W R Berkley Corp., 4.25% due 09/30/60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">36,800&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">962,688&#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>Public Storage, 4.13%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#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;">16,400&#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;">435,584&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">27,213,054&#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: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Farmer Mac, 5.75%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">112,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,011,680&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>AgriBank FCB, 6.88%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">424,000&#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><font style="font-weight: bold;">Total Government</font>&#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>&#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;">3,435,680&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Exide Technologies*<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">,&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">761&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">761,240&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $29,872,724)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">31,409,974&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">WARRANTS</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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pershing Square Tontine Holdings, Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">Expiring 07/24/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">115,860&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,118,049&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Warrants</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $657,969)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,118,049&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">CLOSED-END FUNDS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224; </sup><font style="font-weight: bold;">&#8211; 5.5%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Taxable Municipal Bond Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">285,768&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,658,582&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nuveen Taxable Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">287,097&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,537,199&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nuveen AMT-Free Municipal Credit Income Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">287,650&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,720,337&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Corporate High Yield Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">361,116&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,170,890&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Invesco Municipal Opportunity Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">224,602&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,832,231&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Invesco Trust for Investment Grade Municipals&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">204,113&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,641,222&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Invesco Municipal Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">180,695&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,294,826&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Invesco Advantage Municipal Income Trust II<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">158,726&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,779,239&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Credit Allocation Income Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">118,102&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,753,814&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Blackstone / GSO Strategic Credit Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">129,154&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,600,218&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BlackRock Municipal Income Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">107,502&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,595,330&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Eaton Vance Limited Duration Income Fund<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">101,243&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,236,177&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ares Dynamic Credit Allocation Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">64,996&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">878,746&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BlackRock Debt Strategies Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">58,437&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">604,239&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nuveen AMT-Free Quality Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">29,324&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">433,115&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nuveen Quality Municipal Income Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">24,220&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">364,027&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Western Asset High Income Opportunity Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">58,015&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">292,396&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>BlackRock MuniVest Fund, Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,575&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">212,646&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Closed-End Funds</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">(Cost $38,093,963)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,605,234&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">26 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
  </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>
    <br>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3990fca7a62845d29b39ec4244edd5fc">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zeb0d48e99f3a461ea935ab6f318070b9">

        <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: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 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; 1.7%</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Dreyfus Treasury Securities Cash Management Fund &#8212; Institutional Shares, 0.01%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup>&#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;">12,985,508&#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;">$ 12,985,508&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Money Market Fund</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $12,985,508)&#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>&#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;">12,985,508&#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: 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;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 16.5%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Morgan Stanley Finance LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">0.50% due 10/23/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,454,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dyal Capital Partners III&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% due 06/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,276,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wilton RE Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,324,003&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Iron Mountain, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.63% due 07/15/32<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,425,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hampton Roads PPV LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.62% due 06/15/53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,305,822&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Markel Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,770,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,175,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NFP Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.88% due 08/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,225,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,378,187&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,712,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GLP Capital Limited Partnership / GLP Financing II, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,410,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,686,551&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.30% due 01/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,205,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>QBE Insurance Group Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.50% due 11/24/43<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,420,180&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.88%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,040,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>RXR Realty LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 07/17/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,303,572&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United Shore Financial Services LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% due 11/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,837,865&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Equitable Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.95%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,823,375&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Host Hotels &amp; Resorts, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.50% due 09/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,610,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,706,999&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BBC Military Housing-Navy Northeast LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.30% due 10/15/49&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,421,138&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cushman &amp; Wakefield US Borrower LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.75% due 05/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,413,813&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of America Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,255,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.30%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,148,910&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Charles Schwab Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.38%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,345,000&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 27</div>
    </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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze18802d47da946f5aac2ad3ea87ccf6b">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z004e81968b444a84850d7e63c038d024">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 16.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Equity Investment Life Holding Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% due 06/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 3,327,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Lincoln National Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.38% due 06/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,560,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,186,114&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citizens Financial Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.19% (3 Month USD LIBOR + 3.96%, Rate Floor: 0.00%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,475,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Assurant, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.90% due 03/27/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,186,599&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fort Knox Military Housing Privatization Project&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.82% due 02/15/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,898,070&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,174,840&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hunt Companies, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.25% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,174,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>First American Financial Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% due 05/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,740,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,979,768&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>OneMain Finance Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.13% due 03/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,625,175&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.63% due 01/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">288,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MetLife, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.85%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,820,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,883,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OneAmerica Financial Partners, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.25% due 10/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,730,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,863,337&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Newmark Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.13% due 11/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,450,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,573,470&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Weyerhaeuser Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.88% due 12/15/33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,558,054&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Allianz SE&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3,4,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,414,280&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Reinsurance Group of America, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.15% due 06/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,099,435&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AmWINS Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.75% due 07/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,026,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PartnerRe Finance B LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% due 10/01/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">986,698&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Fort Benning Family Communities LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.09% due 01/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">717,552&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">897,279&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pacific Beacon LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.63% due 07/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">687,525&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">808,463&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of New York Mellon Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.70%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">670,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">731,975&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Macquarie Bank Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.62% due 06/03/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">640,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">694,271&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Greystar Real Estate Partners LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% due 12/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">450,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">459,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Fort Gordon Housing LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.32% due 05/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">249,707&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">28 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbf610640a56446baa6dab3a26c159b86">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z84c48592ae084578a710df992d012a8b">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 16.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>USI, Inc.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">6.88% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">150,000&#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;">$ 153,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">125,475,893&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 9.1%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Delta Air Lines, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,635,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11,007,494&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Air Canada 2020-2 Class A Pass Through Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 04/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,690,094&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marriott International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.63% due 06/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,320,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,678,958&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.50% due 10/15/32&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,525,239&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">490,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">567,416&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Walgreens Boots Alliance, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.10% due 04/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,087,405&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Delta Air Lines Inc. / SkyMiles IP Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,873,495&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JB Poindexter &amp; Company, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.13% due 04/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,714,375&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Williams Scotsman International, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.63% due 08/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,692,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50% due 06/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,198,906&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Live Nation Entertainment, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50% due 05/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,824,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HP Communities LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.16% due 09/15/53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,299,628&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.82% due 09/15/53<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">949,275&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,174,613&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wolverine World Wide, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.38% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,075,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,199,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hyatt Hotels Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.75% due 04/23/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,690,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,011,688&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aramark Services, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.38% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,863,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% due 02/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">110,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">115,638&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Powdr Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.00% due 08/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,825,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,898,548&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JetBlue Class A Pass Through Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% due 11/15/32<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,710,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,817,740&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Picasso Finance Sub, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.13% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,765,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Six Flags Theme Parks, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% due 07/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,575,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,707,418&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Wyndham Hotels &amp; Resorts, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.38% due 08/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,625,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,663,594&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 29</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbfdeb257634b497991156d28f3a59c16">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z1e0b725782f04b6f9889db9b47beadd4">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 9.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LBC Tank Terminals Holding Netherlands BV&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.88% due 05/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,575,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,575,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Boyne USA, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.25% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,225,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,291,952&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.88% due 03/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">610,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">632,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">575,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">585,062&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CD&amp;R Smokey Buyer, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.75% due 07/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,025,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,099,312&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vail Resorts, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.25% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">642,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ferguson Finance plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.25% due 06/02/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">490,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">542,790&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Lithia Motors, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.38% due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">475,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">504,094&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United Airlines Class AA Pass Through Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.45% due 12/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">513,797&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">502,406&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Performance Food Group, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.88% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">450,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">483,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Superior Plus Limited Partnership / Superior General Partner, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% due 07/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">395,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">423,637&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Brookfield Residential Properties, Inc. / Brookfield Residential US Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.88% due 02/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">325,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">321,139&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boyd Gaming Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.63% due 06/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">277,735&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Yum! Brands, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.75% due 04/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">221,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Wabash National Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">5.50% due 10/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">102,000&#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><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#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>&#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;">69,582,376&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 5.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sabre GLBL, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.38% due 09/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,225,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,397,437&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">9.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">877,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% due 11/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">475,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">477,969&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Acadia Healthcare Company, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% due 04/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,529,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.63% due 02/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">603,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% due 07/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">585,063&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sotheby&#8217;s&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.38% due 10/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,360,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nielsen Finance LLC / Nielsen Finance Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.63% due 10/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,025,305&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% due 04/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">592,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">592,000&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">30 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
  </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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze3dcc9ca3a2347cf8c849e4f4d24bd8c">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z9b63199002e04e128ce2f4b34fd41f50">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 5.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Kraft Heinz Foods Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.20% due 07/15/45<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,475,442&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.38% due 06/01/46&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">850,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">907,754&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Royalty Pharma plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.55% due 09/02/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,159,684&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nathan&#8217;s Famous, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.63% due 11/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,050,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,096,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>US Foods, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.25% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,073,913&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cheplapharm Arzneimittel GmbH&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% due 01/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,850,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,912,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Spectrum Brands, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% due 07/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,853,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Avantor Funding, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.63% due 07/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,789,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Gartner, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% due 07/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,785,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vector Group Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.13% due 02/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,725,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,746,563&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AMN Healthcare, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.63% due 10/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,254,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TreeHouse Foods, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% due 09/01/28&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,167,480&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Endo Finance LLC / Endo Finco, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.25% due 01/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">752,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Jaguar Holding Company II / PPD Development, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% due 06/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">747,712&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Carriage Services, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.63% due 06/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">687,817&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beverages &amp; More, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">11.50% due 06/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">669,175&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Central Garden &amp; Pet Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.13% due 10/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">625,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">658,234&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>KeHE Distributors LLC / KeHE Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.63% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">602,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FAGE International S.A. / FAGE USA Dairy Industry, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">5.63% due 08/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">203,000&#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><font style="font-weight: bold;">Total Consumer, Non-cyclical</font>&#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>&#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;">37,988,106&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 4.5%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Boeing Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.81% due 05/01/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,431,422&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PowerTeam Services LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.03% due 12/04/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,940,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,226,650&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 31</div>
  </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><font style="font-weight: bold;"> </font></div>
  <div><br>
    <div>
      <div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font></div>
              </td>
              <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: right;">November 30, 2020 <br>
                </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;" id="zc7d40cecf9f44a92b0993ab5c6e31b6f">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 4.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>New Enterprise Stone &amp; Lime Company, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.75% due 07/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,398,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Great Lakes Dredge &amp; Dock Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.00% due 05/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,776,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,820,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Intertape Polymer Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.00% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,590,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Howmet Aerospace, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.88% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">931,760&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.95% due 02/01/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">588,700&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Summit Materials LLC / Summit Materials Finance Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 01/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,450,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,511,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JELD-WEN, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.25% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,454,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cleaver-Brooks, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.88% due 03/01/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,336,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Grinding Media Inc. / MC Grinding Media Canada Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.38% due 12/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,280,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,302,938&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Princess Juliana International Airport Operating Company N.V.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% due 12/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,315,559&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,189,739&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mauser Packaging Solutions Holding Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.50% due 04/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">992,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% due 04/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">75,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">75,937&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Vertical US Newco, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% due 07/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">997,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GATX Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% due 06/30/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">560,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">656,397&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Harsco Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.75% due 07/31/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">634,512&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hillenbrand, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.75% due 06/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">325,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">347,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TransDigm, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.00% due 12/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">327,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EnPro Industries, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.75% due 10/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">115,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">123,126&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Glenn Pool Oil &amp; Gas Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">112,499&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">99,811&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hillman Group, Inc.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">6.38% due 07/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#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;">40,000&#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;">39,698&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">34,077,590&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 3.6%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BP Capital Markets plc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.88%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,3,4</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,443,900&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NuStar Logistics, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.38% due 10/01/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,906,000&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">32 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
    <div><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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zec03d7273ed544159e0f04899c4e1bf6">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z481a31269c9c4e7cb466b2ad523cfca9">

        <tr>
          <td style="width: 68.68%; vertical-align: middle;">&#160;</td>
          <td style="width: 15.16%; vertical-align: middle;">&#160;</td>
          <td style="width: 16.16%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 16.16%; 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 colspan="3" style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; 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; 48.3% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 3.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hess Corp.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.60% due 02/15/41<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,550,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,821,738&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.00% due 01/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,215,997&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.13% due 03/15/33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">631,449&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Global Partners Limited Partnership / GLP Finance Corp.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.00% due 08/01/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,625,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,735,792&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.88% due 01/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">575,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">614,589&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Midwest Connector Capital Company LLC&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.63% due 04/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,809,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,832,360&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Husky Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% due 04/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">900,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">957,268&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.95% due 04/15/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">616,574&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CVR Energy, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% due 02/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,540,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Rattler Midstream, LP&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.63% due 07/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,319,531&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sunoco Logistics Partners Operations, LP&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.25% due 04/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,071,730&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; 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: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.50% due 12/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">895,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">890,525&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Buckeye Partners, LP&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.35% due 10/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">753,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Indigo Natural Resources LLC&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.88% due 02/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">655,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">661,550&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>FLNG Liquefaction 2 LLC&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.13% due 03/31/38<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">262,460&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">258,146&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Basic Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 19.45pt;">due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9,10</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">96,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Schahin II Finance Co. SPV Ltd.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 19.45pt;">due 09/25/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,10</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,216,133&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">79,049&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Unit Corp.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">due 05/15/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,10</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; 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: 16.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">41,160&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; 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: 15.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">27,487,358&#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: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 3.1%</font>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ViacomCBS, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.95% due 05/19/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,390,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8,149,902&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Altice France S.A.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.13% due 01/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,850,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,912,419&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.38% due 05/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,660,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,743,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Walt Disney Co.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.80% due 05/13/60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,820,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,488,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Radiate Holdco LLC / Radiate Finance, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% due 09/15/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,871,910&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TripAdvisor, Inc.&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 68.68%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.00% due 07/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 16.16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,451,250&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 33</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcfbd00fc24b24534bc2a1b98a478b1cb">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z596d9a3eaf2942ff8dacacaf3f795fd8">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 3.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cengage Learning, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.50% due 06/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,416,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,313,340&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CSC Holdings LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.63% due 12/01/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,279,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LCPR Senior Secured Financing DAC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.75% due 10/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">815,325&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Houghton Mifflin Harcourt Publishers, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.00% due 02/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">693,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.88% due 05/15/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">630,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">562,407&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ziggo Bond Company BV&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.13% due 02/28/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">500,000&#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;">530,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,810,628&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 2.9%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alcoa Nederland Holding BV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% due 12/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,625,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,926,962&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.13% due 05/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,475,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,628,031&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>United States Steel Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">12.00% due 06/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,780,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,449,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Carpenter Technology Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.38% due 07/15/28&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,375,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,676,964&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>WR Grace &amp; Company-Conn&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.88% due 06/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,975,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,068,812&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Clearwater Paper Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% due 08/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,975,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,056,469&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>HB Fuller Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.25% due 10/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,181,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Kaiser Aluminum Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.50% due 05/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,123,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Illuminate Buyer LLC / Illuminate Holdings IV, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.00% due 07/01/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">875,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">973,438&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Arconic Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00% due 05/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">376,705&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mirabela Nickel Ltd.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">due 06/24/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9,10</sup>&#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;">1,388,176&#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;">69,409&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">22,531,115&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 2.8%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Midcap Funding XLVI Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.65% due 10/29/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,255,643&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cheniere Corpus Christi Holdings LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.52% due 12/31/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,037,746&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Terraform Global Operating LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.13% due 03/01/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,180,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,242,675&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">34 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze24f40e65b614e099717c51d69ea0fe6">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zd9704131d0374af6b9efa799c7896ea5">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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; 48.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 2.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AES Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.95% due 07/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,430,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,621,448&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Petershill II Senior Secured Notes&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% due 12/02/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,077,440&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pattern Energy Operations Limited Partnership / Pattern Energy Operations, Inc.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">4.50% due 08/15/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">825,000&#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;">882,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">21,117,702&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 0.8%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NCR Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 10/01/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,125,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,244,531&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.13% due 09/01/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">652,470&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.13% due 04/15/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">525,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">584,719&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BY Crown Parent LLC / BY Bond Finance, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.25% due 01/31/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,175,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,207,313&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Boxer Parent Company, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.13% due 10/02/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,188,657&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">5.75% due 03/01/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">406,500&#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><font style="font-weight: bold;">Total Technology</font>&#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>&#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;">6,284,190&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $343,925,223)&#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>&#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;">368,354,958&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.7%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mavis Tire Express Services Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% due 03/20/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,269,079&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.47% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/20/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">494,132&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">479,926&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alterra Mountain Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 07/31/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,345,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,345,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Samsonite IP Holdings SARL&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,042,375&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,970,119&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>WIRB &#8211; Copernicus Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,895,750&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,892,130&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Accuride Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,341,980&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,868,522&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BGIS (BIFM CA Buyer, Inc.)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,725,600&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,671,088&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alexander Mann&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.27% (6 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,153,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.79% (1 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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP 803,574&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">971,935&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Eyemart Express&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 08/05/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,994,859&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,959,949&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cast &amp; Crew Payroll LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/09/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,981,084&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,914,837&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 35</div>
    </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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2194243525204f65b7af8f11f0594331">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc7c97e96c5224174ba0f3d3eb2feddfa">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Packers Sanitation Services, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 12/04/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,680,692&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,653,801&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% due 12/04/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">248,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BBB Industries, LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.65% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,967,982&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,860,727&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PAI Holdco, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/22/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,850,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,847,688&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BCPE Empire Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/11/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,882,166&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,846,085&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ScribeAmerica Intermediate Holdco LLC (Healthchannels)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.64% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,961,700&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,839,093&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CPI Acquisition, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 08/17/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,021,782&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,836,869&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CNT Holdings I Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% (6 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 11/08/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,850,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,832,814&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>K &amp; N Parent, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 10/20/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,918,009&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,783,748&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Shields Health Solutions Holdings LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.15% (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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,732,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,680,525&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Apro LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/14/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,688,195&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,679,754&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Midas Intermediate Holdco II LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.75% (3 Month USD LIBOR + 2.75%, Rate Floor: 3.75%) due 08/18/21&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,755,667&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,660,299&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Situs AMC Holdings Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/30/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,688,757&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,650,760&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OEConnection LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/25/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,678,283&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,644,717&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SP PF Buyer LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.65% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,689,343&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,586,174&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Power Solutions (Panther)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,604,036&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,585,124&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PT Intermediate Holdings III LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 10/15/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,569,143&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EnTrans International, LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.15% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,431,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,295,281&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>IBC Capital Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.98% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,214,537&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,184,174&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Blue Nile, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.50% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,675,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,172,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WESCO&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,149,855&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,146,486&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Galls LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.50% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">989,211&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">978,900&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.62% (3 Month USD LIBOR + 6.25% and Commercial Prime Lending&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate + 5.25%, Rate Floor: 7.25%) due 01/31/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">86,991&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">81,011&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">36 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1e97d416b3224365b3e05263cb99d9d7">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zebd904d68afb42e794d4a7ca45c6e044">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Cyclical &#8211; 8.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Checkers Drive-In Restaurants, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,291,828&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,042,505&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Prime Security Services Borrower LLC (ADT)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.25% (1 Month USD LIBOR + 3.25% and 12 Month USD&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">LIBOR + 3.25%, Rate Floor: 4.25%) due 09/23/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">990,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">983,813&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SHO Holding I Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.25% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">(in-kind rate was 2.25%) due 04/29/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,285,713&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">964,285&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.23% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">(in-kind rate was 2.23%) due 04/29/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14,290&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">10,725&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CHG Healthcare Services, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/07/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">744,997&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">735,498&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sovos Brands Intermediate, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.96% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 11/20/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">598,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EG Finco Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.75% (3 Month EURIBOR + 7.75%, Rate Floor: 8.75%) due 04/20/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 249,505&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">287,227&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.22% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">291,790&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">285,774&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NES Global Talent&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">612,643&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">554,442&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Drive Chassis (DCLI)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.47% (3 Month USD LIBOR + 8.25%, Rate Floor: 8.25%) due 04/10/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">491,665&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Tire Distributors, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">425,232&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">400,071&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.50% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 8.50%) due 09/02/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">82,033&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">73,947&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Zephyr Bidco Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.54% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP 360,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">465,414&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sotheby&#8217;s&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 01/15/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">345,833&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">344,249&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Intrawest Resorts Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2.90% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">297,704&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">288,029&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Landrys, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">13.00% (3 Month USD LIBOR + 12.00%, Rate Floor: 13.00%) due 10/04/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">224,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Belk, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.75% (3 Month USD LIBOR + 6.75%, Rate Floor: 7.75%) due 07/31/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">565,495&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">183,786&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Argo Merchants&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/06/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">147,423&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">147,239&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Atlantic Aviation FBO, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 12/08/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">99,494&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">98,001&#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><font style="font-weight: bold;">Total Consumer, Cyclical</font>&#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>&#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;">66,340,178&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 37</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za7f71fcd85194db893e7f7070f4f1924">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zeb889633ea7f462592875c2c8336014b">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 8.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diamond (BC) BV&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00% (3 Month USD LIBOR + 5.00% and 3 Month USD LIBOR + 5.00%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 6.00%) due 09/06/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 3,114,563&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.21% (1 Month USD LIBOR + 3.00% and 3 Month USD LIBOR + 3.00%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 3.00%) due 09/06/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,730,314&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,691,745&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>US Foods, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.25% (6 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 04/24/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,345,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,192,925&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WellSky Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 02/09/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,900,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,871,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.25% due 02/09/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,850,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,813,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Quirch Foods Holdings LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.75% (3 Month USD LIBOR + 5.75% and 6 Month USD LIBOR + 5.75%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 6.75%) due 10/27/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,681,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HAH Group Holding Co LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,290,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,257,100&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bombardier Recreational Products, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 05/24/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,092,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,134,768&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Southern Veterinary Partners LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,163,636&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,132,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Packaging Coordinators Midco, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% due 11/30/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,783,134&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 06/30/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,018,699&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,009,358&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/01/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">230,769&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">227,404&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Civitas Solutions, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 03/09/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,388,485&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,366,319&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Endo Luxembourg Finance Co.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 04/29/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,233,116&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,163,331&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Springs Window Fashions&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.65% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,279,125&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/16/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">887,797&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">870,414&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CPI Holdco LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 11/04/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,920,350&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,905,947&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Zep, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,977,995&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,856,230&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Arctic Glacier Group Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,040,740&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,754,608&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cambrex Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00% (1 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 12/04/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Snacking Investments US LLC (Arnott&#8217;s)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/18/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,683,032&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>MDVIP LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/14/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,688,690&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,663,360&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PlayPower, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.72% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 05/08/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,773,146&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,649,026&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">38 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3ed0ff10b73b4c6c9a0027607fd28665">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z2f70d89d47e747d1b579839bee4cab54">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Consumer, Non-cyclical &#8211; 8.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Confluent Health LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.15% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/24/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,580,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,548,400&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>California Cryobank&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.22% (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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,521,598&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,493,068&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BCPE Eagle Buyer LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (2 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,448,955&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,408,804&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hearthside Group Holdings LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,424,625&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,395,905&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EyeCare Partners LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,440,203&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,377,971&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sierra Acquisition, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,413,971&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,322,062&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tecbid US, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.97% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/25/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">988,890&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">969,112&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atkins Nutritionals, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/08/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">887,109&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">887,845&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CTI Foods Holding Co. LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">(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;,11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">473,361&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">444,959&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">10.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">(in-kind rate was 6.00%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">197,292&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">179,536&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Certara, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.72% (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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">604,926&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">597,364&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Moran Foods LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">11.75% (3 Month USD LIBOR + 1.00%, Rate Floor: 2.00%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">(in-kind rate was 10.75%) due 10/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">314,318&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">273,457&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">8.00% (3 Month USD LIBOR + 1.00%, Rate Floor: 2.00%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">(in-kind rate was 7.00%) due 04/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">261,139&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">260,486&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Examworks Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.39% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">386,439&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.25% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/27/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">98,466&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">97,801&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Outcomes Group Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.47% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 10/24/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">493,224&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">479,507&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Kar Nut Products Company LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.50% (3 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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">362,639&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">360,526&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Chefs&#8217; Warehouse, Inc., The&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.65% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 06/23/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">299,248&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">288,775&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Recess Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">296,183&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">279,893&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Blue Ribbon LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (1 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 5.00%) due 11/15/21&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">220,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">207,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hayward Industries, Inc.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/05/24&#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;">155,528&#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;">152,385&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">62,199,559&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 39</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb997d3646d89424e9dc85c14f97bd645">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zb9d7b528873942358f09cd3fa10d1e16">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 7.7%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Project Boost Purchaser LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% due 06/01/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 5,305,435&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,683,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,635,674&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sportradar Capital S.A.R.L.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.25% due 11/22/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 3,100,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,696,655&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ascend Learning LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/12/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,690,750&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Valkyr Purchaser, LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 11/05/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,650,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,615,800&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Cologix Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 03/20/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,150,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,088,701&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Planview, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,625,894&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,616,489&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Transact Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.90% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,508,102&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,362,632&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Datix Bidco Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.74% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,001,644&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,989,119&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.99% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">300,111&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">297,928&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Emerald TopCo, Inc. (Press Ganey)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.71% (1 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 3.50%) due 07/24/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,277,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,220,644&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Ministry Brands LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,151,412&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,011,569&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Upland Software, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,980,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,960,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>EIG Investors Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.75%) due 02/09/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,893,239&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,889,528&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Misys Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,923,344&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,861,278&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Brave Parent Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,857,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,827,070&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Wrench Group LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 04/30/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,795,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dun &amp; Bradstreet&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.89% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/06/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,741,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,729,009&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TIBCO Software, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,745,625&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,706,348&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Neustar, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/08/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,792,734&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,706,234&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aston FinCo SARL&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.39% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,658,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aspect Software, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 01/15/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,604,298&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,534,784&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">40 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0fe05c4b702c42458cb4198fbae4f158">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z755158fae1ec4f2a9d58a8bb015838e9">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Technology &#8211; 7.7% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Navicure, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 10/22/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,533,959&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,506,163&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>24-7 Intouch, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.90% (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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,470,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,374,450&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>1A Smart Start LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.75% (2 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 08/19/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Informatica LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.40% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/25/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,194,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,173,105&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cvent, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/29/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">978,091&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">923,073&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Greenway Health LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">974,811&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">864,657&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Solera LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">691,922&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Epicor Software&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 07/30/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,315&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Apttus Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2.98% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">425,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">420,808&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EXC Holdings III Corp.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24&#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;">98,982&#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;">97,621&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Technology</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">59,002,450&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 7.5%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CapStone Acquisition Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 11/12/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,621,600&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,625,436&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Charter Nex US Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% due 12/01/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,790,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Bath Group LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 11/23/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,741,863&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>StandardAero&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.72% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/06/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,722,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,535,328&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ILPEA Parent, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,424,976&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,382,539&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mileage Plus Holdings LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,316,488&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>WP CPP Holdings LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.75%) due 04/30/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,333,439&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,149,681&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TricorBraun Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 11/30/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,075,550&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,051,162&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Tank Holdings Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.40% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/26/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,976,226&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,943,619&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>STS Operating, Inc. (SunSource)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,032,592&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,925,373&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 41</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7529a1b8659f4e36913e3c2390085050">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z1e640aeb25e74f7789c24388838cc3b4">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 7.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diversitech Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">8.50% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 980,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/03/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">898,725&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">887,491&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NA Rail Hold Co LLC (Patriot)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.47% (3 Month USD LIBOR + 5.25%, Rate Floor: 5.25%) due 10/19/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,881,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,867,389&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pelican Products, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,869,632&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,808,869&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>YAK MAT (YAK ACCESS LLC)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">10.22% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Anchor Packaging LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/20/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,635,850&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,623,581&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Avison Young (Canada), Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.22% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 01/31/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,576,489&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,513,429&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>AI Convoy Luxembourg S.A.R.L.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% (2 Month USD LIBOR + 3.50% and 6 Month USD LIBOR + 3.50%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.50%) due 01/18/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,492,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,485,978&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>API Holdings III Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 05/11/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,580,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,466,935&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Service Logic Acquisition, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 10/29/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,457,910&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,455,898&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Transcendia Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,755,561&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,406,643&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JetBlue Airways Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/17/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,185,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,203,522&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Charter Nex US, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/16/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,171,049&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,166,950&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>TransDigm, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2.40% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/30/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,094,486&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,059,605&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>SLR Consulting Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.27% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">793,980&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">767,954&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.48% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">207,744&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,934&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.24% (1 Month USD LIBOR + 4.00% and 6 Month GBP LIBOR + 4.00%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.00%) due 06/23/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP 39,120&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">50,430&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vertical (TK Elevator)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.57% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 07/30/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">996,810&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>ProAmpac PG Borrower LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">9.50% (1 Month USD LIBOR + 8.50%, Rate Floor: 9.50%) due 11/18/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">995,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Duran, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (6 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 12/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">539,701&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">515,110&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">492,255&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">469,826&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bhi Investments LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">9.75% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">980,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Fortis Solutions Group LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">976,205&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">975,228&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">42 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf4786bb8a5a94856bc08cd19ab29d44f">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zfae801f9b18a40eea60cd752c6203067">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Industrial &#8211; 7.5% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LTI Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/06/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">980,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 926,237&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BWAY Holding Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.48% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">692,225&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">658,188&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Thermon Group Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/30/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">634,624&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">628,278&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Maverick Bidco, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.25% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 04/28/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">572,727&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">558,695&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pro Mach Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (6 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/07/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">525,299&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">512,823&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CPM Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/17/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">419,105&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">399,722&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Titan Acquisition Ltd. (Husky)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.22% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">295,364&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">283,748&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Sundyne (Star US Bidco)&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/17/27&#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;">124,688&#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;">120,635&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">57,227,897&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.0%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Higginbotham&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">due 11/18/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,926,301&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,882,406&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.50% due 11/18/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,926,301&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,867,775&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jefferies Finance LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 09/30/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,920,375&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Teneo Holdings LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.25% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 07/11/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,882,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,780,584&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AmeriLife Holdings LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 03/18/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,166,968&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,137,794&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 4.00% and 6 Month USD LIBOR + 4.00%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.75%) due 03/18/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">987,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Duff &amp; Phelps&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/09/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,995,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,986,900&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cross Financial Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 09/15/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,745,625&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GT Polaris, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 09/24/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,741,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Nexus Buyer LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,687,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,666,159&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NFP Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.40% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,686,390&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,638,614&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aretec Group, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,670,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,586,738&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Claros Mortgage Trust, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.00% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 08/10/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,485,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,453,444&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 43</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zef31127da61b425db4fb492de5100cd1">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z3b297a7e376b4558a09fbd04e978b3ac">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 4.0% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>HUB International Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">992,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 992,798&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2.96% (2 Month USD LIBOR + 2.75% and 3 Month USD LIBOR + 2.75%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 2.75%) due 04/25/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">98,737&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">96,269&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alliant Holdings Intermediate LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.39% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 05/09/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">987,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">962,131&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>USI, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.22% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 12/02/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">595,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">592,671&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.22% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 05/16/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">246,193&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">240,828&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Situs AMC Holdings Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/30/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">129,730&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">126,811&#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><font style="font-weight: bold;">Total Financial</font>&#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>&#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;">30,406,672&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 3.6%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LSF11 Skyscraper HoldCo S.A.R.L&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.67% (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 09/29/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,052,256&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,036,994&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GrafTech Finance, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 02/12/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,453,331&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,432,894&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ICP Industrial, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/03/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,924,882&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,833,451&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.00% (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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">510,533&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">486,283&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Barentz Midco BV&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.25% due 11/25/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,980,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Invictus MD Strategies Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.15% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,994,886&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,930,990&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>DCG Acquisition Corp.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.65% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 09/30/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,983,108&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,913,699&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>American Rock Salt Company LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,887,046&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,870,534&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Illuminate Buyer LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.15% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/30/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,825,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,820,437&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>PetroChoice Holdings&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.00% (2 Month USD LIBOR + 5.00% and 3 Month USD LIBOR + 5.00%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 6.00%) due 08/19/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,003,388&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,786,361&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Pregis TopCo Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/31/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,637,625&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,614,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ascend Performance Materials Operations LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 08/27/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,587,236&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,586,251&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Niacet Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,530,465&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,499,856&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Niacet B.V.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR 706,037&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">825,774&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>PQ Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/08/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">698,250&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">696,721&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">44 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z21ec608863d5438986a4cef083da0a35">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zf97449e9462f4380afd2b53b067d6969">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Basic Materials &#8211; 3.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Vectra Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.40% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/08/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">542,311&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 528,076&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dimora Brands, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 08/24/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">484,870&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">483,658&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ASP Chromaflo Dutch I B.V.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (3 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">445,439&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">438,757&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Alpha 3 BV&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 01/31/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">397,701&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">394,551&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ASP Chromaflo Intermediate Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (3 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">342,561&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">337,423&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Noranda Aluminum Acquisition Corp.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.75% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.75%) due 02/28/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,10</sup>&#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;">517,932&#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;">41,435&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">27,538,745&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 2.9%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Xplornet Communications Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.90% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/10/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,641,875&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,598,173&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Trader Interactive&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.50% (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;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,683,565&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,554,754&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.25% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 06/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19,231&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">18,010&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Conterra Ultra Broadband Holdings, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.65% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/30/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,975,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,954,618&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Market Track LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (2 Month USD LIBOR + 4.25% and 3 Month USD LIBOR + 4.25%,&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 5.25%) due 06/05/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,080,125&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,830,510&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Titan US Finco Llc&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.22% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/01/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,772,194&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,732,319&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Flight Bidco, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.65% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,163,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">443,216&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">429,503&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ProQuest, LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 10/23/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,556,956&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,544,313&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Authentic Brands&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 09/27/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,249,096&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,231,034&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Liberty Cablevision of Puerto Rico LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.14% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 10/15/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,200,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Resource Label Group LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,298,343&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,175,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Internet Brands, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.65% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/13/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,036,455&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,013,912&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Recorded Books, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">4.40% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 08/29/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">849,112&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">831,773&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Houghton Mifflin Co.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">7.25% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 11/22/24&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">673,750&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">635,252&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 45</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z53b98d580dd14afbb48619801f8436ea">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z51e63b4ab45f400cb186e2e7432ff45f">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SENIOR FLOATING RATE INTERESTS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;,8 </sup><font style="font-weight: bold;">&#8211; 44.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 2.9% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cengage Learning Acquisitions, Inc.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/07/23&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">486,498&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 451,431&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>McGraw-Hill Global Education Holdings LLC&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 05/04/22&#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;">465,286&#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;">438,630&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">21,802,732&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Utilities &#8211; 1.9%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hamilton Projects Acquiror LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/17/27&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,881,125&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,864,871&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Oregon Clean Energy LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 03/02/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,383,017&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,357,709&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>UGI Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">3.90% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/13/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,629,375&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,625,302&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Franklin Energy (KAMC Holdings, Inc.)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.23% (1 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Rate Floor: 4.00%) due 08/14/26&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,633,500&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,505,548&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Panda Hummel&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">3.90% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/27/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,298,913&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,224,226&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">7.00% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 10/27/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">179,541&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">170,488&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Panda Stonewall&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 11/13/21&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">977,212&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">892,927&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 11/12/21&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">816,565&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">746,136&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EIF Channelview Cogeneration LLC&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 05/03/25&#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;">798,583&#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;">795,421&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">14,182,628&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Energy &#8211; 0.2%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SeaPort Financing LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.65% (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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,469,202&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,307,590&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Centurion Pipe&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">4.15% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/29/25&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">197,500&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Permian Production Partners LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">10.69% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 05/20/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,805,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">85,738&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Gavilan Resources LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">7.60% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 03/01/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup>&#160;</div>
          </td>
          <td style="width: 15%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,187&#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><font style="font-weight: bold;">Total Energy</font>&#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>&#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;">1,597,015&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Senior Floating Rate Interests</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>(Cost $347,620,155)&#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>&#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;">340,297,876&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.6%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Golub Capital Partners CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-36A, 2.32% (3 Month USD LIBOR + 2.10%, Rate Floor: 0.00%) due 02/05/3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,682,652&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-39A, 2.42% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,426,872&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-25A, 2.12% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,411,024&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-16A, 3.21% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,477,848&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">46 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z459c45e10523473abf53b1b7f03bbb55">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc67cbceb24564b5d989ffd5a7f4ff8da">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diamond CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-1A, 3.92% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,838,796&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-1A, 2.82% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,428,527&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-1A, 3.81% (3 Month USD LIBOR + 3.60%, Rate Floor: 3.60%) due 04/25/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">990,018&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>LoanCore Issuer Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-CRE2, 1.64% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,697,276&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Mountain Hawk II CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-2A, 2.57% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,964,284&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-2A, 3.37% (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;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,641,571&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Fortress Credit Opportunities IX CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-9A, 2.87% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,832,175&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Lake Shore MM CLO III LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2020-1A, 4.98% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 10/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,990,307&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Monroe Capital CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-1A, 3.82% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,671,769&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-1A, 2.62% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,244,476&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>FDF I Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2015-1A, 6.88% due 11/12/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,950,775&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2015-1A, 7.50% due 11/12/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">931,147&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marathon CRE Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-FL1, 3.14% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,824,830&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF II Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2016-2A, 7.70% due 05/12/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,786,151&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Denali Capital CLO XI Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-1A, 2.37% (3 Month USD LIBOR + 2.15%, Rate Floor: 0.00%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,400,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,330,539&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Newstar Commercial Loan Funding LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-1A, 5.33% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">due 03/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,991,855&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-1A, 3.73% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">due 03/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">248,252&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BXMT 2020-FL3 Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2020-FL3, 2.95% (1 Month USD LIBOR + 2.80%, Rate Floor: 2.80%)&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">due 03/15/37<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,202,534&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hull Street CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-1A, 2.92% (3 Month USD LIBOR + 2.70%, Rate Floor: 0.00%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">due 10/18/26<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,200,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,167,195&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dryden 50 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-50A, due 07/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,555,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,088,207&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Marathon CLO V Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-5A, 2.06% (3 Month USD LIBOR + 1.85%) due 11/21/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,017,730&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,891,377&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2013-5A, due 11/21/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,566,667&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">189,747&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>NewStar Clarendon Fund CLO LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2015-1A, 4.56% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,464,735&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1A, 3.26% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">550,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">540,148&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 47</div>
    </div>
    <div><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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z645a2fa911264726afd08c9b03bcf988">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zdfbedd91d4524901ad42ec1475973416">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cerberus Loan Funding XXX, LP&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2020-3A, 3.85% (3 Month USD LIBOR + 3.65%, Rate Floor: 3.65%) due 01/15/33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,002,020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avery Point VI CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-6A, 2.22% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,973,436&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>MP CLO VIII Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-2A, 2.12% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,921,878&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hunt CRE Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2017-FL1, 3.44% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,800,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,743,395&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cent CLO 19 Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2013-19A, 3.51% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,683,143&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Avery Point II CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2013-3X COM, due 01/18/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,193,827&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,514,644&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Treman Park CLO Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2015-1A, due 10/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,500,963&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Dryden Senior Loan Fund&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,998,799&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,296,498&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atlas Senior Loan Fund IX Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-9A, 2.02% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">663,380&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-9A, due 04/20/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">303,364&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Jackson Mill CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-1A, 2.09% (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;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">958,003&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MMCF CLO LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-2A, 2.64% (3 Month USD LIBOR + 2.40%) due 04/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">950,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">943,537&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Carlyle Global Market Strategies CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2012-3A, due 01/14/32<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,600,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">749,473&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Voya CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-1A, due 10/15/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">707,439&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dryden 41 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2015-41A, due 04/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">553,765&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Great Lakes CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2014-1A, due 10/15/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,153,846&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">486,104&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Dryden 37 Senior Loan Fund&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2015-37A, due 01/15/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,050,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">453,956&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Venture XIII CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-13A, due 09/10/29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">447,300&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>KVK CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-1A, due 01/14/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">339,156&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>A10 Permanent Asset Financing LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-II, 6.24% (WAC) due 06/15/51<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,1,7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">250,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">248,127&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Babson CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2014-IA, due 07/20/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">147,600&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>West CLO Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-1A, due 11/07/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,350,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">90,315&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">48 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1c3d3a5ecec540f18649f4b21b7f1a7e">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zd819282a26a9449a86e48906bfc414a6">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Collateralized Loan Obligations &#8211; 10.6% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>OHA Credit Partners IX Ltd.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">2013-9A, due 10/20/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,12</sup>&#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;">602,740&#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;">$ 7,293&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Collateralized Loan Obligations</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">80,639,876&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Transport-Aircraft &#8211; 3.9%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Castlelake Aircraft Securitization Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-1, 4.13% due 06/15/43<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,543,999&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,349,081&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2016-1, 4.45% due 08/15/41&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,806,060&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,593,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1A, 3.97% due 04/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,649,763&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,543,667&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">due 12/31/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,054,105&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">259,252&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>AASET Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-2, 4.46% due 10/16/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,857,403&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,808,369&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2020-1A, 4.34% due 01/16/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,959,012&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,424,186&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.84% due 05/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,366,118&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,283,531&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GAIA Aviation Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.97% due 12/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,13</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,100,467&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,626,928&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>WAVE LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.60% due 09/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,583,242&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,464,982&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Falcon Aerospace Ltd.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.60% due 09/15/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,418,575&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,340,137&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-1, 6.30% due 02/15/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,138,295&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">810,504&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JOL Air Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.97% due 04/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,907,486&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,838,455&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>KDAC Aviation Finance Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-1A, 4.21% due 12/15/42<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,523,587&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,362,660&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sapphire Aviation Finance II Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2020-1A, 4.34% due 03/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,870,268&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,276,981&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MAPS Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1A, 4.46% due 03/15/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,344,513&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,266,124&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sapphire Aviation Finance I Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-1A, 4.25% due 03/15/40<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">881,291&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">817,636&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Stripes Aircraft Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-1 A1, 3.66% 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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">721,003&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">637,374&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Turbine Engines Securitization Ltd.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2013-1A, 6.38% due 12/13/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">455,390&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">274,408&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Airplanes Pass Through Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2001-1A, 1.26% (1 Month USD LIBOR + 0.55%, Rate Floor: 0.55%)&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">due 03/15/19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,8,9,10</sup>&#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;">6,677,317&#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;">668&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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-Aircraft</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">29,978,018&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Whole Business &#8211; 1.8%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Applebee&#8217;s Funding LLC / IHOP Funding LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1A, 4.19% due 06/07/49<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,450,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,279,916&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>TSGE&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-1, 6.25% due 09/25/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,205,854&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 49</div>
    </div>
    <div><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="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9f5eb0000ed645cd96489eee2f04ab16">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z0bf8dfa05c784fec8271c26e6d7716ee">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Whole Business &#8211; 1.8% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Taco Bell Funding LLC&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">2018-1A, 4.32% due 11/25/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">980,000&#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;">$ 995,161&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Whole Business</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13,480,931&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Financial &#8211; 1.7%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Aesf Vi Verdi LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2.15% 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: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR 9,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,688,918&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Nassau LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1, 3.98% due 08/15/34<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,851,867&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,884,100&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>NCBJ&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2015-1A, 5.88% due 07/08/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$575,400&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">580,090&#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><font style="font-weight: bold;">Total Financial</font>&#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>&#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;">13,153,108&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Infrastructure &#8211; 1.5%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>VB-S1 Issuer LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2020-1A, 6.66% due 06/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,300,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,767,613&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Diamond Issuer LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2020-1A, 5.93% due 07/20/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,691,690&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Secured Tenant Site Contract Revenue Notes Series&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">2018-1A, 5.92% due 06/15/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#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;">1,913,683&#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;">1,896,318&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">11,355,621&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Net Lease &#8211; 0.4%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CARS-DB4, LP&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2020-1A, 4.95% due 02/15/50<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,750,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,843,012&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Insurance &#8211; 0.2%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LTCG Securitization Issuer LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2018-A, 4.59% due 06/15/48<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,604,503&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,604,595&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CBC Insurance Revenue Securitization LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2016-1, 5.25% due 07/15/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">327,760&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">311,015&#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><font style="font-weight: bold;">Total Insurance</font>&#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>&#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;">1,915,610&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Automotive &#8211; 0.2%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hertz Vehicle Financing II, LP&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2019-3A, 2.67% due 12/26/25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">545,459&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">545,880&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2017-1A, 2.96% due 10/25/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">516,632&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">517,015&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2018-1A, 3.29% due 02/25/24<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">258,081&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">258,271&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Hertz Vehicle Financing LLC&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2016-2A, 2.95% due 03/25/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">412,011&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">412,294&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2018-2A, 3.65% due 06/27/22<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">64,678&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">64,729&#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><font style="font-weight: bold;">Total Automotive</font>&#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>&#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;">1,798,189&#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: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bib Merchant Voucher Receivables Ltd.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">4.18% due 04/07/28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;</sup>&#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;">1,100,000&#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;">1,154,527&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">50 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c4a4d4dd483482f90f11aa782cab950">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z91c827de0b73488e8f457f0e9b26de12">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">ASSET-BACKED SECURITIES</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 20.6% (continued)</font>&#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: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Anchorage Credit Funding 4 Ltd.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">2016-4A, 5.50% due 02/15/35<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">1,000,000&#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;">$ 960,708&#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: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Trinity Rail Leasing, LP&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">2009-1A, 6.66% due 11/16/39<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,7</sup>&#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;">146,470&#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;">163,327&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $168,785,337)&#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>&#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;">157,442,927&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">COLLATERALIZED MORTGAGE OBLIGATIONS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 9.3%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Residential Mortgage Backed Securities &#8211; 7.1%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FKRT&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">5.47% due 07/03/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,839,281&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,839,281&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Lehman XS Trust Series&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-18N, 0.33% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,724,972&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,723,541&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-16N, 0.36% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,680,223&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,655,703&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Ameriquest Mortgage Securities Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-M3, 0.33% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,267,319&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,934,170&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-M3, 0.25% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,180,098&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">958,813&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LSTAR Securities Investment Limited&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-5, 1.65% (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;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,752,487&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,709,680&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley ABS Capital I Incorporated Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-HE8, 0.37% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,257,048&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,993,538&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2007-HE4, 0.38% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,583,301&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,542,471&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>WaMu Asset-Backed Certificates WaMu Series&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2007-HE4, 0.32% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,065,427&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,696,770&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2007-HE4, 0.40% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,229,067&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">903,763&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2007-HE2, 0.34% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,584,832&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">802,435&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>ACE Securities Corporation Home Equity Loan Trust Series&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2005-HE2, 1.17% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,978,107&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2007-ASP1, 0.35% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,502,265&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">921,518&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Long Beach Mortgage Loan Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-8, 0.24% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,489,516&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,768,230&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-1, 0.34% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,289,607&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,092,196&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>RALI Series Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-QO6, 0.33% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,233,083&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,107,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-QO6, 0.38% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,972,037&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">691,255&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Home Equity Mortgage Loan Asset-Backed Trust Series INABS&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-E, 0.36% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,001,346&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,367,006&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>LSTAR Securities Investment Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2019-1, 1.85% (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;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,132,268&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,119,054&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JP Morgan Mortgage Acquisition Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-WMC3, 0.39% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,453,517&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,998,689&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Citigroup Mortgage Loan Trust, Inc.&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2007-AMC3, 0.50% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,144,399&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,960,435&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 51</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z880299afcb7c4fde9867c59ea9294b0a">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zcc983a751cba46f19eeb7b6126e94243">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">COLLATERALIZED MORTGAGE OBLIGATIONS</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224; </sup><font style="font-weight: bold;">&#8211; 9.3% (continued)</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Residential Mortgage Backed Securities &#8211; 7.1% (continued)</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GSAA Home Equity Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-16, 0.32% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,619,215&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,826,953&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>American Home Mortgage Assets Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2006-6, 0.36% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,145,156&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,770,099&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>IXIS Real Estate Capital Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2007-HE1, 0.26% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,473,693&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">843,575&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2007-HE1, 0.21% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,488,212&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">837,752&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Master Asset Backed Securities Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-WMC3, 0.31% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,613,485&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,678,075&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley IXIS Real Estate Capital Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-2, 0.37% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,072,261&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,468,859&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Mortgage Loan Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2006-9AR, 0.30% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,422,155&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,405,873&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>First NLC Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2007-1, 0.43% (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;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,435,179&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">910,554&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>GSAA Trust&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2007-3, 0.32% (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;">8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,699,685&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">690,970&#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><font style="font-weight: bold;">Total Residential Mortgage Backed Securities</font>&#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>&#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;">54,196,565&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Military Housing &#8211; 2.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Freddie Mac Military Housing Bonds Resecuritization Trust Certificates&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2015-R1, 5.49% (WAC) due 11/25/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8,9</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,635,993&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,543,866&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">2015-R1, 1.94% (WAC) due 11/25/55<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8,14</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,616,570&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,914,824&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2015-R1, 0.65% (WAC) due 11/25/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8,14</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">34,085,276&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,019,992&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GMAC Commercial Mortgage Asset Corp.&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2004-POKA, 6.36% due 09/10/44<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#8224;&#8224;&#8224;,7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,500,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,515,875&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Capmark Military Housing Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2007-AETC, 5.75% due 02/10/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,570,732&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,797,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">2007-AET2, 6.06% due 10/10/52<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">470,451&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">551,815&#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><font style="font-weight: bold;">Total Military Housing</font>&#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>&#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;">15,344,361&#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: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GS Mortgage Securities Corporation Trust&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">2020-DUNE, 2.64% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">due 12/15/36<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7,8</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,739,395&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Collateralized Mortgage Obligations</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $75,741,857)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">71,280,321&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">52 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4f7790dfcd3b4e3c85d9dd4567faeafe">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z7a82f2e080db4a9093bd683ffeecf48f">

        <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;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount~</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 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; 2.9%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>U.S. Treasury Bills&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">0.11% due 02/04/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,700,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 4,699,258&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">0.10% due 12/31/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,999,725&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">0.04% due 02/11/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,999,505&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">0.08% due 03/25/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,999,109&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">0.14% due 12/03/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,999,994&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">0.04% due 01/05/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,999,862&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">0.08% due 03/18/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,999,501&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">0.08% due 03/04/21<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">999,781&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">0.10% due 12/17/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,15</sup>&#160;</div>
          </td>
          <td style="width: 15%; 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: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">399,988&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $22,096,522)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">22,096,723&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Convertible 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; 0.2%</font>&#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: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Atlas Mara Ltd.&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">8.00% due 12/31/20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup>&#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;">2,200,000&#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;">1,738,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Convertible Bonds</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost($2,191,990)&#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>&#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;">1,738,000&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 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;&#8224; </sup><font style="font-weight: bold;">&#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Communications &#8211; 0.1%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>MHGE Parent LLC&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">11.75% due 04/20/22&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">952,875&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">780,038&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Total Senior Fixed Rate Interests</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Cost $945,010)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">780,038&#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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Oklahoma &#8211; 0.1%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Oklahoma Development Finance Authority Revenue Bonds&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">5.45% due 08/15/28&#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;">400,000&#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;">456,104&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Municipal Bonds</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $400,000)&#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>&#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;">456,104&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional Value</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Put options on:&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Expiring July 2022 with strike price of $0.40&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">441,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,746,360&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Expiring July 2022 with strike price of $0.61&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">165,000,000&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">430,650&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">Expiring July 2022 with strike price of $0.40&#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;">53,000,000&#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;">209,880&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $1,391,950)&#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>&#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;">2,386,890&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Investments &#8211; 142.7%</font>&#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: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">(Cost $1,077,670,623)&#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>&#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;">$1,088,746,615&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="text-align: right; margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 53</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>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3b29328405d64b04a9a77fe106ad3f4c">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zd37380a67cfd49f58290b4e5a2b04770">

        <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: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px 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: 70%; vertical-align: bottom; background-color: rgb(255, 255, 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; (0.2)%</font>&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Call options on:&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 18pt;">S&amp;P 500 Index&#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: 70%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 18pt;">Expiring December 2020 with strike price of $3,575.00&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Notional Value $58,308,243)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">161&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ (1,469,125)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; 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: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 18pt;">(Premiums received $1,083,707)&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,469,125)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Other Assets &amp; Liabilities, net &#8211; (42.5)%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(324,048,457)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total Net Assets &#8211; 100.0%</font>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 763,229,033&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z208176a005fa442db288a146d40e9309">

        <tr>
          <td style="width: 39.59%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">FUTURES CONTRACTS</font>&#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>&#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>&#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: #000000 2px solid;">
            <div><font style="font-weight: bold;">Description</font>&#160;</div>
          </td>
          <td style="width: 11.47%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <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: #000000 2px solid;">
            <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: #000000 2px solid;">
            <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: #000000 2px solid;">
            <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;">322&#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;">Dec 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;">$58,294,075&#160;</div>
          </td>
          <td style="width: 17.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,012,868&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc292507166ba47cf8c27059c6903fb35">

        <tr>
          <td colspan="6" style="width: 68.92%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS PROTECTION SOLD</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: 9.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom;">
            <div>&#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: 12.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.51%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 14.84%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 41.1pt;"><font style="font-weight: bold;">Protection</font>&#160;</div>
          </td>
          <td style="width: 14.84%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.41%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Upfront</font>&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.72%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.51%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 14.84%; vertical-align: bottom;">
            <div style="text-align: right; text-indent: 44pt;"><font style="font-weight: bold;">Premium</font> <br>
            </div>
          </td>
          <td style="width: 14.84%; vertical-align: bottom; text-align: right;">&#160;<font style="font-weight: bold;"> Payment <br>
            </font></td>
          <td style="width: 7.41%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity</font>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional</font>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Premiums</font>&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.72%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 8.51%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 14.82%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 7.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate&#160;</font></div>
          </td>
          <td style="width: 7.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;<font style="font-weight: bold;">Frequency</font> <br>
          </td>
          <td style="width: 7.41%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 10.61%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Paid</font>&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation**</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.72%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BofA Securities,&#160;</div>
          </td>
          <td style="width: 8.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.82%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 14.86%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.41%; 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>
          <td style="width: 9.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.72%; 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: 8.51%; 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: 14.82%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>CDX.NA.HY.35.V1&#160;</div>
          </td>
          <td style="width: 7.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.00% <br>
            </div>
          </td>
          <td style="width: 7.43%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); text-align: right;">Quarterly <br>
          </td>
          <td style="width: 7.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12/20/25&#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;">$41,700,000&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$3,740,490&#160;</div>
          </td>
          <td style="width: 9.55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$1,710,154&#160;</div>
          </td>
          <td style="width: 11.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$2,030,336&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="za134f3c8b14c4b98af2b7111bb59c887">

        <tr>
          <td colspan="3" style="width: 44.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">TOTAL RETURN SWAP AGREEMENTS</font>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value and</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Financing</font>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Payment</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity</font>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Notional</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Index</font>&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate Pay</font>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Frequency</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Units</font>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Amount</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" style="width: 44.21%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">OTC Credit 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: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Bank of&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>iShares iBoxx&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>America, N.A.&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$ High Yield&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.34% (1 Month&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Monthly&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">04/29/21&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">451,630&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$38,984,702&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 975,521&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">USD LIBOR + 0.20%)&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bond ETF&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A.,&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>iShares iBoxx&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>New York&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>$ High Yield&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.33% (1 Month&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Monthly&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">05/12/21&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">130,000&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,221,600&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">57,200&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">USD LIBOR + 0.20%)&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Bond ETF&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.63%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.94%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.64%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$50,206,302&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$1,032,721&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">54 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf29d5d48f38643ceb04fccfc01267e2f">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z8f88e8ef82b04c59a242f71367ab18d5">

        <tr>
          <td style="width: 23.97%; vertical-align: middle;">&#160;</td>
          <td style="width: 5.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="4" style="width: 51.05%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS</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: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; 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;">Value at</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30,</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td colspan="2" style="width: 16.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Sell</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">11,240,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,716,437&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,081,964&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 634,473&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">5,700,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,335,364&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,055,800&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">279,564&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">3,000,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">712,673&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">555,684&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">156,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Barclays Bank plc&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">805,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12/16/20&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,077,930&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,073,217&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,713&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 29.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Morgan Stanley Capital Services LLC&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">376,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12/16/20&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">498,252&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">501,279&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(3,027)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">947,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12/16/20&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,119,995&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,130,816&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(10,821)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Bank of America, N.A.&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">4,363,200&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,293,950&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,323,463&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(29,513)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">5,707,550&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">01/31/22&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,691,893&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,740,659&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(48,766)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">4,841,027&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">02/01/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,410,169&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,466,142&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(55,973)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">16,654,900&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,882,149&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,051,831&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(169,682)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,980,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">EUR&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12/30/20&#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;">10,484,869&#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;">10,728,827&#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;">(243,958)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; border-bottom: 4px 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: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 4px 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: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#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>&#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;">$ 513,999&#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: 23.97%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; 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;">Value at</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Settlement</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30,</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td colspan="2" style="width: 16.67%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Contracts to Buy</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Date</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">21,018,100&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">04/30/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 5,892,376&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,375,294&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 482,918&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">5,707,550&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">01/31/22&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,554,800&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,740,658&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">185,858&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">4,841,027&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">ILS&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">02/01/21&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,354,446&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,466,142&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">111,696&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>JPMorgan Chase Bank, N.A.&#160;</div>
          </td>
          <td style="width: 5.21%; 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 style="text-align: right;">71,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">GBP&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12/16/20&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">94,735&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">94,657&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(78)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19,940,000&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">BRL&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">07/01/21&#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;">3,831,371&#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;">3,693,448&#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;">(137,923)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 23.97%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.21%; vertical-align: bottom; border-bottom: 4px 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: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom; border-bottom: 4px 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: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#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>&#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;">$ 642,471&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z0f60f4751f8a40f087986fffe77899a2">

        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">~&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Non-income producing security.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">**&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="text-indent: 0.05pt; font-style: italic;">Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Assets and Liabilities.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">&#8224;&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">&#8224;&#8224;&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">&#8224;&#8224;&#8224;&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">1&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">All or a portion of these securities have been physically segregated in connection with futures contracts,&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">options, borrowings, reverse repurchase agreements and unfunded loan commitments. As of November&#160;30,&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">2020, the total value of segregated securities was $356,371,416.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">2&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Affiliated issuer.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">3&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Perpetual maturity.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">4&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">5&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Rate indicated is the 7-day yield as of November 30, 2020.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">6&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Variable rate security. Rate indicated is the rate effective at November 30, 2020. The rate is linked to the&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">volatility-adjusted performance of the series 1 securities due 2069 of the underlying company, Alphas&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Managed Accounts Platform LXXIX Limited.&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 55</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbb29c3e57aea41649c2530de2dac2ab1">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="za6b0154ecf4d4ed2aef94c5b03031d2a">

        <tr>
          <td style="width: 5.06%; vertical-align: middle;">&#160;</td>
          <td style="width: 1%; vertical-align: middle;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">7&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">is $346,573,872 (cost $340,267,059), or 45.4% of total net assets.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">8&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Variable rate security. Rate indicated is the rate effective at November 30, 2020. In some instances, the&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">settlement status of a position may also impact the effective rate indicated. In some cases, a position may&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">reference 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: bottom;">
            <div style="text-align: right; font-style: italic;">9&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">4(a)(2) illiquid and restricted securities is $17,707,255 (cost $25,729,460), or 2.3% of total net assets &#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">See Note 12.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">10&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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: bottom;">
            <div style="text-align: right; font-style: italic;">11&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Payment-in-kind security.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">12&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">deal dates.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">13&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="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;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="font-style: italic;">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">with a reset date of November 15, 2026.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">14&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Security is an interest-only strip.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.06%; vertical-align: bottom;">
            <div style="text-align: right; font-style: italic;">15&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-style: italic;" colspan="1">&#160;</td>
          <td style="width: 94.94%; vertical-align: bottom;">
            <div style="font-style: italic;">Rate indicated is the effective yield at the time of purchase.&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc5b00132b64a4f2c9efd474907ad9fc1">

        <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.35.V1&#160;</div>
          </td>
          <td style="width: 85%; vertical-align: bottom;">
            <div style="font-style: italic;">Credit Default Swap North American High Yield Series XX Index Version 1&#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;">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 style="font-style: italic;">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>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">See Sector Classification in Other Information section.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">56 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z011dd49a8b77481786317775a99cfe79">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zcc0206b573d24870a8774ef8ec1a9f54">

        <tr>
          <td style="width: 33.33%; vertical-align: middle;">&#160;</td>
          <td style="width: 41.41%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Country Diversification</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; 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: 33.33%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Country</font>&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; 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: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>United States&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">88.9%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Cayman Islands&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>France&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Canada&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Netherlands&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1.2%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>United Kingdom&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Australia&#160;</div>
          </td>
          <td style="width: 41.41%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">0.4%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; 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: 41.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">0.5%&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; 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: 41.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25.26%; 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-top: 12pt; margin-bottom: 12pt;">The following table summarizes the inputs used to value the Fund&#8217;s investments at November 30, 2020 (See Note 6 in the Notes to Financial Statements):</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z2f4a9f8e7d4f4d76975030c5cd535ede">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#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" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Securities (Assets)</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Common Stocks&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>34,856,687</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>320,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,616,389</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>36,794,013</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Preferred Stocks&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>11,065,920</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>19,582,814</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>761,240</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>31,409,974</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Warrants&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,118,049</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,118,049</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Closed-End Funds&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>41,605,234</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>41,605,234</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Money Market Fund&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>12,985,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>12,985,508</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>337,263,286</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>31,091,672</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>368,354,958</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>286,270,573</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>54,027,303</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>340,297,876</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>138,668,117</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>18,774,810</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>157,442,927</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Collateralized Mortgage Obligations&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>60,925,165</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>10,355,156</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>71,280,321</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>U.S. Treasury Bills&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>22,096,723</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>22,096,723</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Convertible Bonds&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,738,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,738,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Senior Fixed Rate Interests&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>780,038</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>780,038</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Municipal Bonds&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>456,104</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>456,104</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Options Purchased&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>2,386,890</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>2,386,890</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>Equity Futures Contracts*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>4,012,868</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>4,012,868</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%;">
            <div>Credit Default Swap Agreements*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>2,030,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>2,030,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%;">
            <div>OTC Credit Index Swap Agreements*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
            <div>1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Forward Foreign Currency Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>1,856,211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>1,856,211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 52%; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>Total Assets&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>105,644,266</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>874,627,877</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>117,406,608</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">
            <div>1,097,678,751</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 57</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z4bc741c963444b2b81c6c66a0ff06040">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z149543a1b34c41ddac8ce5a99288ec79">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="2">
            <div> </div>
            <div style="text-align: right;"><font style="font-weight: bold;">Level 2</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 3</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Significant</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#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" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Level 1</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Observable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Unobservable</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Securities (Liabilities)</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Quoted Prices</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div> </div>
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Inputs</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Options Written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,469,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,469,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Forward Foreign Currency Exchange Contracts*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">
            <div></div>
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">
            <div></div>
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>698,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>698,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total Liabilities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,469,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>698,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>2,867,803</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#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: 63.92%; vertical-align: bottom;">
            <div>* This derivative is reported as unrealized appreciation/depreciation at period end.&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 12.37%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Please refer to the detailed Schedule of Investments for a breakdown of investments type by industry category.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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
      $251,147,129 are categorized as Level 2 within the disclosure hierarchy &#8212; See Note 7.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z60d8630a47784ea684b462b18d7d2709">

        <tr>
          <td style="width: 15.95%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Ending Balance at</font>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Valuation</font>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Unobservable</font>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Input</font>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Weighted</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Category</font>&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30, 2020</font>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Technique</font>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Inputs</font>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Range</font>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Average*</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Assets:</font>&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 18,136,768&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Yield Analysis&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2.3%-13.0%&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3.1%&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Asset-Backed Securities&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">638,042&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Option Adjusted Spread off&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>prior month end broker quote&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,839,281&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Obligations&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Collateralized Mortgage&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,515,875&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Option Adjusted Spread off&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Obligations&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>prior month end broker quote&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">744,337&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Third Party Pricing&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">530,342&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Enterprise Value&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Valuation Multiple&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3.3x-15.8x&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9.7x&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Common Stocks&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">341,710&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">20,617,618&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Option Adjusted Spread off&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>prior month end broker quote&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">9,255,643&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Trade Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,077,440&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Yield Analysis&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3.5%&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">140,971&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Preferred Stocks&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">761,240&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Fixed Rate Interests&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">780,038&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Enterprise Value&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Valuation Multiple&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">8.0x&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">36,142,900&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Third Party Pricing&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Broker Quote&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,756,716&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Yield Analysis&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 0.1pt;">Yield&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4.9%-8.1%&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5.7%&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">5,569,659&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 0.1pt;">Purchase Price&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Senior Floating Rate Interests&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,933,533&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Market Comparable Yields 6.5%-10.7%&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7.0%&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="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: 11.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">624,495&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Enterprise Value&#160;</div>
          </td>
          <td style="width: 18.08%; 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: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9.2x&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.95%; 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: 7.44%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$117,406,608&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; 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: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Liabilities:</font>&#160;</div>
          </td>
          <td style="width: 7.44%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 18.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 12.76%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="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: 11.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$698,937&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 25.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Model Price&#160;</div>
          </td>
          <td style="width: 18.08%; 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: 12.76%; 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: 8.52%; 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-top: 12pt; margin-bottom: 12pt;">* Inputs are weighted by the fair value of the instruments.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Significant changes in a quote, yield, market comparable yields, or valuation multiple would generally result in significant changes in the fair value of the security.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">58 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <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;" id="z0a93f49de49d4ebaa6cebb823f8118ef">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font> <br>
            </div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund&#8217;s fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be
      supported with other available market information.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investments&#8217;s valuation changes. For the period ended November 30, 2020, the Fund had
      securities with a total value of $10,340,078 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $25,202,256 transfer into Level 2 from Level 3 due to the availability of current and reliable
      market-based data provided by a third-party pricing service which utilizes significant observable inputs.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Summary of Fair Value Level 3 Activity</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended November 30, 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="zf21b5a0b840d42af9e48d650720ee696">

        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="7">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Liabilities</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Senior</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Senior</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Collateralized</font>&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Floating</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Fixed</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unfunded</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Asset-Backed</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Mortgage</font>&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Corporate</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Common</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Preferred</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Loan</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Securities</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Obligations</font>&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Bonds</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interests</font>&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Stocks</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Stocks</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Interests</font>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets&#160;</font> <br>
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          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: right;">&#160;<font style="font-weight: bold;">Commitments&#160; <br>
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        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beginning&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">Balance&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$21,167,927&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 4,210,076&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 7,533,032&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 58,004,230&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 1,179,186&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ &#8212;&#160; <br>
            </div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;$ 584,338&#160; <br>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 92,678,789&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ (266,911)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Purchases/&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">(Receipts)&#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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,000,032&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">29,473,769&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">18,232,217&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,791,392&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">719,724&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">52,876&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">65,270,010&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,019,415)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>(Sales, maturities&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">and paydowns)/&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">Fundings&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(3,595,701)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(9,160,719)&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(6,416,977)&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(11,148,214)&#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>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(30,321,611)&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">238,602&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Amortization of&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">premiums/&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">discounts&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">209,650&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(3,965)&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">16,392&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">149,327&#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>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,801&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">374,205&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(2,833)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Total realized gains&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">(losses) included&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">in earnings&#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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">320,305&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">102,261&#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>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">422,566&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">(5,348)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Total change in&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">unrealized&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">appreciation&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">(depreciation)&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">included in earnings <br>
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          </td>
          <td style="vertical-align: bottom; background-color: rgb(255, 255, 255); text-align: right;">&#160;992,934&#160; <br>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">309,732&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,313,730&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,401,081&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,354,189)&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,516&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">140,023&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,844,827&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">357,268&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Transfers into&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">Level 3&#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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">41,160&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,298,918&#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>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">10,340,078&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">&#8212;&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Transfers out of&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Level 3&#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>
          <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>
          <td style="width: 9.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(1,189,739)&#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;">(24,012,517)&#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>
          <td style="width: 9%; 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: 9%; 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: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">(25,202,256)&#160;</div>
          </td>
          <td style="width: 9%; 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>
        <tr>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Ending Balance&#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;">$18,774,810&#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;">$10,355,156&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$31,091,672&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 54,027,303&#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;">$ 1,616,389&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$761,240&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$780,038&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$117,406,608&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (698,637)&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Net change in&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">unrealized&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">appreciation&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">(depreciation) for&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">investments in&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 6pt;">Level 3 securities&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 6pt;">still held at&#160;</div>
          </td>
          <td style="width: 10%; 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>
          <td style="width: 9.85%; 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>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#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>November 30, 2020 <br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right;">&#160;$ 992,934&#160; <br>
          </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;">$ 309,732&#160;</div>
          </td>
          <td style="width: 9.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,099,613&#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;">$ 1,299,368&#160; <br>
            </div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right;">&#160; $(1,354,189)&#160; <br>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 41,516&#160; <br>
            </div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right;">&#160; $(164,972)&#160; <br>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: right;">&#160;$ 2,224,002&#160; <br>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 323,801&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 59</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1ee9dddb774642b19c284e4228d490d8">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">SCHEDULE OF INVESTMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Affiliated Transactions</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Transactions during the period ended November 30, 2020, in which the company is an affiliated issuer, 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="zd621a9abf304480796abfe2298f68c67">

        <tr>
          <td style="width: 22.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Change in</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Realized</font>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Unrealized</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Gain</font>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Shares</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Security Name</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">05/31/20</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Additions</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Reductions</font>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Loss)</font>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">(Depreciation)</font>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">11/30/20</font>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">11/30/20</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Common Stocks</font>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BP Holdco LLC*&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 16,061&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 3,358&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 19,419&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">55,076&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Targus Group&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">International Equity, Inc.*&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">23,091&#160;</div>
          </td>
          <td style="width: 10.52%; 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>
          <td style="width: 11.58%; 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>
          <td style="width: 9.49%; 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>
          <td style="width: 14.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,546&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">26,637&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">12,989&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.09%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 39,152&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 6,904&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 46,056&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 32.61%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>* Non-income producing security.&#160;</div>
          </td>
          <td style="width: 10.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 14.74%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 11.58%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.49%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">60 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7edefc47925d4d7b8e901a20d284cb33">

        <tr>
          <td style="width: 73.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 26.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73.74%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENT OF ASSETS AND LIABILITIES (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 26.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z97f0bf78cd864c5e8879ee5eea1c4cad">

        <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" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Investments in unaffiliated issuers, at value (cost $1,077,645,347)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,088,700,559</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Investments in affiliated issuers, at value (cost $25,276)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>46,056</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Foreign currency, at value&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>3,991</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Cash&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,091,472</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Unrealized appreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,856,211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Unrealized appreciation on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Unamortized upfront premiums paid on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,710,154</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Prepaid expenses&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>20,351</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Receivables:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Swap settlement&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>148,557</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Investments sold&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>45,689,404</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Interest&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>6,565,367</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Fund shares sold&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,440,293</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Protection fees on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>411,208</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">Dividends&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>156,955</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Variation margin on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>70,920</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Total assets</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,148,944,219</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">LIABILITIES:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Reverse repurchase agreements (Note 7)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Borrowings (Note 8)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>35,500,690</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Options written, at value (proceeds $1,083,707)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,469,125</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Unrealized depreciation on forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Unfunded loan commitments, at value (Note 11) (Commitment fees received $1,327,420)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>698,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Interest due on borrowings&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>48,082</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Segregated cash due to broker&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>4,982,691</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Payable for:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Investments purchased&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>89,518,955</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>876,675</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Offering costs&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>301,669</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Variation margin on futures contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>253,575</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Professional fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>76,517</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Trustees&#8217; fees and expenses*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>7,671</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Other liabilities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>133,729</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>385,715,186</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>763,229,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">NET ASSETS CONSIST OF:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Common stock, $0.01 par value per share; unlimited number of shares&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">authorized, 45,730,031 shares issued and outstanding&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>457,300</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Additional paid-in capital&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>806,739,028</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total distributable earnings (loss)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(43,967,295</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>763,229,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Shares outstanding ($0.01 par value with unlimited amount authorized)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>45,730,031</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>16.69</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">* 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-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 61</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z804a89c4aa974e699d81c8b2ae590e41">

        <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;">STATEMENT OF OPERATIONS</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;">November 30, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.62%; vertical-align: bottom;">
            <div>Six Months Ended November 30, 2020 (Unaudited)&#160;</div>
          </td>
          <td style="width: 37.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z83684e1b60494fff876938b3539b6780">

        <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" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Interest from securities of unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>24,475,638</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,477,190</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">&#160;Total investment income&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>25,952,828</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">EXPENSES:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Investment advisory fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>4,520,441</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Interest expense&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>880,728</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Professional fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>350,736</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Fund accounting fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>88,843</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Administration fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>87,690</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Trustees&#8217; fees and expenses*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>69,540</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Printing fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>57,983</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Custodian fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>48,355</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Registration and filing fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>32,940</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Insurance&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>13,492</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div>Transfer agent fees&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>10,966</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Miscellaneous&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>10,854</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">&#160;Total expenses&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>6,172,568</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>19,780,260</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET REALIZED AND UNREALIZED GAIN (LOSS):</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Investments in unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1,752,445</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>6,182,068</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Futures contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>13,935,085</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(4,505,934</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(6,870</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">&#160;Foreign currency transactions&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(6,375</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net realized gain&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>13,845,529</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div>Net change in unrealized appreciation (depreciation) on:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Investments in unaffiliated issuers&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>73,493,785</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Investments in affiliated issuers&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>6,904</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>634,048</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Futures contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(4,256,408</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Options purchased&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>749,520</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,557,910</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(824,377</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">&#160;Foreign currency translations&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(56,835</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>71,304,547</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net realized and unrealized gain&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>85,150,076</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Net increase in net assets resulting from operations</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>104,930,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">* 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-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">62 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z817399b9a89b4ff68ffdea4601f9e5b9">

        <tr>
          <td style="width: 67.69%; vertical-align: middle;">&#160;</td>
          <td style="width: 32.31%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 67.69%; 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: 32.31%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb522060678624f60ae8c7261075a0537">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">Six Months </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">November 30, 2020 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;">Year Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;">(Unaudited) </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;">May 31, 2020 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#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" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>19,780,260</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>34,897,661</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div>Net realized gain (loss) on investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>13,845,529</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(27,046,942</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">on investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>71,304,547</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(36,185,853</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>104,930,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(28,335,134</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">DISTRIBUTIONS</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(48,095,611</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(33,846,511</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(52,158,126</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total distributions&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(48,095,611</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(86,004,637</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(204, 238, 255);" colspan="8">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">SHAREHOLDER TRANSACTIONS:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div>Proceeds from shares issued through at-the market offering&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>52,317,621</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>112,581,936</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div>Reinvestments of distributions&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>5,103,248</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>9,101,002</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>81,368</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(275,710</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; 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" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>57,502,237</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>121,407,228</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255);">
            <div>Net increase in net assets&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>114,336,962</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>7,067,457</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">NET ASSETS:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">Beginning of period&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>648,892,071</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>641,824,614</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">End of period&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>763,229,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>648,892,071</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 63</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7c9adc5b5b1a4fa0a3f8dbc3bc359979">

        <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;">STATEMENT OF CASH FLOWS</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;">November 30, 2020&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 62.62%; vertical-align: bottom;">
            <div>Six Months Ended November 30, 2020 (Unaudited)&#160;</div>
          </td>
          <td style="width: 37.38%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z30d3569bcb954c25a2b6c0406e5cff09">

        <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" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">&#160;Net increase in net assets resulting from operations&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>104,930,336</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; 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" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net change in unrealized (appreciation) depreciation on investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(73,500,689</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Net change in unrealized (appreciation) depreciation on options purchased&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(749,520</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net change in unrealized (appreciation) depreciation on options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(1,557,910</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Net change in unrealized (appreciation) depreciation on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(133,977</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net change in unrealized (appreciation) depreciation on forward foreign currency&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 24pt;">exchange contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>824,377</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net realized loss on investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1,752,445</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Net realized loss on options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>4,505,934</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net realized gain on OTC swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(3,192,145</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Purchase of long-term investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(650,898,343</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Proceeds from sale of long-term investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>385,284,617</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Net purchases of short-term investments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(37,391,010</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Net accretion of bond discount and amortization of bond premium&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(4,541,225</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Corporate actions and other payments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>44,553</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Premiums received on options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>7,988,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Cost of closing options written&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(12,846,140</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Commitment fees received and repayments of unfunded commitments&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>780,859</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Increase in interest receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(3,024,445</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Increase in dividend receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(91,164</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Increase in investments sold receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(38,073,835</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Increase in protection fees on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(4,628</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Decrease in swap settlement receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>8,321</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Decrease in variation margin on futures contracts receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>259,375</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Decrease in variation margin on credit default swap agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>29,676</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Decrease in prepaid expenses&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>12,468</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Decrease in tax reclaims receivable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>3,940</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Increase in investments purchased payable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>77,627,018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Increase in interest due on borrowings&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>26,308</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Decrease in professional fees payable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(90,258</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Increase in segregated cash due to broker&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,132,691</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Increase in investment advisory fees payable&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>277,853</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Increase in trustees&#8217; fees and expenses payable*&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>4,774</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;">&#160;Increase in other liabilities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>38,603</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt; text-indent: 9pt;">&#160;Net Cash Used in Operating and Investing Activities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(240,562,400</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">64 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 65.65%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.35%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 65.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">STATEMENT OF CASH FLOWS continued</font>&#160;</div>
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          <td style="width: 34.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
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        </tr>
        <tr>
          <td style="width: 65.65%; vertical-align: bottom;">
            <div>Six Months Ended November 30, 2020 (Unaudited)&#160;</div>
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          <td style="width: 34.35%; vertical-align: bottom;">
            <div>&#160;</div>
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    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z17325f8f2b17426db6b55cf547a16d82">

        <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" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Distributions to common shareholders&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(42,992,363</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Proceeds from the issuance of common shares&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>52,216,314</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Proceeds from borrowings&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>19,300,000</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Payments made on borrowings&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(3,099,310</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 12pt;">Proceeds from reverse repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>672,784,494</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Payments made on reverse repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(464,083,187</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">&#160;Offering costs in connection with the issuance of common shares&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(2,004</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="margin-left: 18pt;">&#160;Net Cash Provided by Financing Activities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>234,123,944</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt;">&#160;Net decrease in cash&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(6,438,456</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Cash at Beginning of Period (including restricted cash)</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>7,533,919</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Cash at End of Period (including foreign currency)</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,095,463</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; 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" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div><font style="font-weight: bold;">Cash paid during the period for interest</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>687,937</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 88%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Supplemental Disclosure of Non Cash Financing: Dividend reinvestment</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>5,103,248</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">* 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-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 65</div>
    </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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc6fa6b7b3ff84da7b1fe35dba14d9c4b">

        <tr>
          <td style="width: 29.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS</font>&#160;</div>
          </td>
          <td style="width: 31.64%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zc41157699a064da688548d4b9db2b8cc">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Six Months </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Ended </div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
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          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Year Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Year Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Year Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">Year Ended </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">November 30, 2020 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">May 31, </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">May 31, </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">May 31, </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">May 31, </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right; font-weight: bold;">May 31, </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 25%;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">(unaudited) </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">2020 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">2019 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">2018 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">2017 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); font-weight: bold; width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right; font-weight: bold;">2016 </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 25%;">
            <div><font style="font-weight: bold;">Per Share Data:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value, beginning of period&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>15.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>17.91</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>19.12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>19.78</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>17.50</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>19.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div>Income from investment operations:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 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" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>0.45</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>0.89</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>0.97</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1.23</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1.61</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1.40</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Net gain (loss) on investments (realized and unrealized)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>2.04</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(1.32</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>0.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>0.30</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>2.86</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(1.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Total from investment operations&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>2.49</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(0.43</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>0.98</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>1.53</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>4.47</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>0.07</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div>Less distributions from:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 255);">
            <div>Net investment income&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1.09</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(0.86</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1.12</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(2.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(2.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1.82</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div>Capital gains&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(0.16</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(0.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(0.01</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(0.36</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Return of capital&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1.33</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>(0.91</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Total distributions to shareholders&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(1.09</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.19</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.19</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.18</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>Net asset value, end of period&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>16.69</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>15.29</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>17.91</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>19.12</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>19.78</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>17.50</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Market value, end of period&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>18.64</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>16.20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>19.96</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>21.29</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>20.94</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>17.61</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
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            <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" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div>Net asset value&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>16.80</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(2.79</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>5.43</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>8.02</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>26.76</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>0.80</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 255);">
            <div>Market value&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>22.78</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(7.96</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>4.94</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>13.31</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>33.33</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(6.07</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%)</div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Ratios/Supplemental Data:</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 255);">
            <div>Net assets, end of period (in thousands)&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>763,229</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>648,892</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>641,825</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>530,250</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>410,465</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>310,246</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);">
            <div>Ratio to average net assets of:&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 255);">
            <div>Net investment income, including interest expense&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>5.62</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>5.29</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>5.26</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>6.27</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>8.55</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>7.79</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; 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" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1.75</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1.21</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1.17</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>1.52</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>2.35</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>2.38</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>%</div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 25%; background-color: rgb(255, 255, 255);">
            <div>Portfolio turnover rate&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 12%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>44</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>41</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>48</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>41</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>116</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>%</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
    <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">66 l GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT
    <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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z290ac47f52354c9d92ac333416198752">

        <tr>
          <td style="width: 29.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 41.83%; vertical-align: middle;">&#160;</td>
          <td style="width: 28.58%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 29.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div><font style="font-weight: bold;">FINANCIAL HIGHLIGHTS continued</font>&#160;</div>
          </td>
          <td style="width: 28.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zf8fa3d695519424b9945ebf09e64b907">

        <tr>
          <td style="width: 34.03%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 20.63%; vertical-align: bottom;" rowspan="1">
            <div style="text-align: right; font-weight: bold;">Six Months</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; font-weight: bold;" rowspan="1">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; font-weight: bold;" rowspan="1">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; font-weight: bold;" rowspan="1">&#160;</td>
          <td style="width: 9.28%; vertical-align: bottom; font-weight: bold;" rowspan="1">&#160;</td>
          <td style="width: 8.24%; vertical-align: bottom; font-weight: bold;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Ended&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Year Ended&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Year Ended&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Year Ended&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Year Ended&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">Year Ended&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">November 30, 2020&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">May 31,&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">May 31,&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">May 31,&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">May 31,&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom;">
            <div style="text-align: right; font-weight: bold;">May 31,&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">(unaudited)&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2020&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2019&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2018&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2017&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right; font-weight: bold;">2016&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div><font style="font-weight: bold;">Senior Indebtedness</font>&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Total Borrowings outstanding (in thousands)&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 35,501&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 19,300&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">N/A&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">N/A&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 16,705&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 9,355&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.03%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Asset Coverage per $1,000 of indebtedness<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(e)</sup>&#160;</div>
          </td>
          <td style="width: 20.63%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 22,499&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 34,621&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">N/A&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">N/A&#160;</div>
          </td>
          <td style="width: 9.28%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 25,571&#160;</div>
          </td>
          <td style="width: 8.24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 34,164&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zadc97007d47e43a48df9ad2d5311f949">

        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(a)&#160; &#160; &#160;</div>
          </td>
          <td colspan="7" style="width: 94.53%; vertical-align: middle;">
            <div>Based on average shares outstanding.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(b)&#160; &#160; &#160;</div>
          </td>
          <td colspan="7" style="width: 94.53%; vertical-align: middle;">
            <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 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 market value returns. Total return does not reflect brokerage commissions. A return calculated for a period of less than
              one year is not annualized.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(c)&#160; &#160; &#160;</div>
          </td>
          <td colspan="7" style="width: 94.53%; vertical-align: middle;">
            <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 of other investment companies. If these fees were
              included in the expense ratios, the expense ratios would increase by 0.14%, 0.08%, 0.00%*, 0.00%*, 0.00%*, and 0.02% for the period ended November 30, 2020 and the years ended May 31, 2020, 2019, 2018, 2017 and 2016, respectively.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(d)&#160; &#160; &#160;</div>
          </td>
          <td colspan="7" style="width: 94.53%; vertical-align: middle;">
            <div>Excluding interest expense, the operating expense ratios for the period ended November 30, 2020 and the years ended May 31 would be:</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 11.79%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.25%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.02%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.02%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.02%; vertical-align: middle;">&#160;</td>
          <td style="width: 7.08%; vertical-align: middle;">&#160;</td>
          <td style="width: 42.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 11.79%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">November 30,</font>&#160;</div>
          </td>
          <td style="width: 8.25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 7.08%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 42.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 11.79%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 8.25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 7.08%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 42.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 11.79%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">(unaudited)</font>&#160;</div>
          </td>
          <td style="width: 8.25%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">2020</font>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">2019</font>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">2018</font>&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">2017</font>&#160;</div>
          </td>
          <td style="width: 7.08%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-weight: bold;">2016</font>&#160;</div>
          </td>
          <td style="width: 42.81%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="width: 11.79%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.50%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup>&#160;</div>
          </td>
          <td style="width: 8.25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.17%&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.15%&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.33%&#160;</div>
          </td>
          <td style="width: 10.02%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.62%&#160;</div>
          </td>
          <td style="width: 7.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.74%&#160;</div>
          </td>
          <td style="width: 42.81%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div>&#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="zbf25bbf8c3d24a648a261d29647c4bd1">

        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(e)&#160; &#160; &#160;</div>
          </td>
          <td style="width: 94.53%; vertical-align: middle;">
            <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.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>(f)&#160; &#160; &#160;</div>
          </td>
          <td style="width: 94.53%; vertical-align: middle;">
            <div>Annualized.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.47%; vertical-align: top;">
            <div>*&#160; &#160; &#160;</div>
          </td>
          <td style="width: 94.53%; vertical-align: middle;">
            <div>Less than 0.01%.</div>
          </td>
        </tr>

    </table>
    <br>
    <div>
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">See notes to financial statements.</div>
      <div style="margin-top: 12pt; margin-bottom: 12pt;">
        <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
        <div style="text-align: right;">GOF l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 67</div>
      </div>
      &#160;</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>
    <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;" id="zb3e430463d5e402083e809ba4f01f9bf">

        <tr>
          <td style="width: 70.7%; vertical-align: middle;">&#160;</td>
          <td style="width: 29.3%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 70.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited)</font>&#160;</div>
          </td>
          <td style="width: 29.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 1 &#8211; <font style="font-weight: bold;">Organization</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The Fund&#8217;s investment objective is to maximize total return through a combination of current income and capital appreciation.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 2 &#8211; <font style="font-weight: bold;">Significant Accounting Policies</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(a) Valuation of Investments</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Board of Trustees of the Fund (the &#8220;Board&#8221;) has adopted policies and procedures for the valuation of the Fund&#8217;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-top: 12pt; margin-bottom: 12pt;">Valuations of the Fund&#8217;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&#8217;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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">68 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z91d4776e460f4787bbdd0b3180864d4b">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 69</div>
    </div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfe63442d63f344fd8cba93008dd75c34">

        <tr>
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        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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&#8221;. 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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(b) Investment Transactions and Investment Income</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">70 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf2e69b89cf894810938f04f56f826dde">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Subsequent to the purchase, the estimated cash flows are updated periodically and a revised yield is calculated prospectively.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(c) Senior Floating Rate Interests and Loan Investments</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The Fund invests in loans and other similar debt obligations (&#8220;obligations&#8221;). A portion of the Fund&#8217;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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(d) Currency Translations</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 71</div>
    </div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6338a3525026448d995ff6c2327dc35f">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(e) Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(f) Distributions to Shareholders</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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. A return of capital is
      not taxable, but it reduces the shareholder&#8217;s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(g) Restricted Cash</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 November 30, 2020, there was no restricted cash outstanding.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(h) U.S. Government Agency Obligations</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(i) Swap Agreements</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">72 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze9c539c3e58b48bf86ea24c32b74beb6">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Upon entering into certain centrally-cleared swap transactions, a 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-top: 12pt; margin-bottom: 12pt;">Upfront payments received or made by a 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 a 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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(j) Options</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(k) Futures Contracts</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">(l) Indemnifications</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Under the Fund&#8217;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-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 73</div>
    </div>
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    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z195ec6fdbc5243a2ac379b75d67a270f">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 3 &#8211; <font style="font-weight: bold;">Financial Instruments and Derivatives</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The Fund utilized derivatives for the following purposes:</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt;"><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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Options Purchased and Written</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The following table represents the Fund&#8217;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="z8d6d7f081ab7466499b3e2aebd76e523">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <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&#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;">$659,000,000&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">74 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf721c3e7f9214d64a966f0096910f9f7">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The following table represents the Fund&#8217;s use and volume of call/put options written 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="zbe3a8510c31d419ba6d62ac463445d00">

        <tr>
          <td style="width: 35%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="width: 35%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>
              <div style="text-align: center;"><font style="font-weight: bold;">Average Notional Amount</font> <br>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 35%; 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: 35%; 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;">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: 35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Hedge, Income&#160;</div>
          </td>
          <td style="width: 35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Duration, Hedge, Index exposure&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$53,784,078&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Futures Contracts</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The following table represents the Fund&#8217;s use and volume of futures 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="z59d4629c686648009aa63f3d16feda57">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <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;">$53,652,163&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Swap Agreements</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 exchange-traded futures contracts. For a Fund utilizing centrally cleared swaps, the exchange bears</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 75</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z83912879d0b44db0a85745858d267bc1">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze544fdd760784b9b99309ce8aadd5f48">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <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;">$55,491,816&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 central-cleared, but central clearing does not make interest rate swap transactions risk free.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdb6ffbc1dc664245826715d538241e1e">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <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>&#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><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;">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;">$6,331,667&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 (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</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">76 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf14947d4e5f44b148c6dcc231eadebfb">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The following table represents the Fund&#8217;s use and volume of credit default swaps 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="z7b23abb2ddf64893aacc3f04998537f6">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <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>&#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;">$40,164,600&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$&#8211;&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Forward Foreign Currency Exchange Contracts</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze962ae71edbd4df785f4d8f0e68a2882">

        <tr>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>
              <div style="text-align: center;"><font style="font-weight: bold;">Average Value</font> <br>
              </div>
            </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;">$15,489,709&#160;</div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$28,286,356&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 77</div>
    </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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb1ce78cfb1b64f61ae0fa6a9c68e8fc2">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Derivative Investment Holdings Categorized by Risk Exposure</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following is a summary of the location of derivative investments on the Fund&#8217;s Statement of Assets and Liabilities as of November 30, 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="zdf12a76aacda43579346061e145d9040">

        <tr>
          <td style="width: 60%; 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: 20%; 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: 20%; 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: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Equity contracts&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Variation margin on&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">futures contracts&#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: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Options written, at value&#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: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Interest rate contracts&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Investments in unaffiliated&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">issuers, at value&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Unrealized appreciation on&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">OTC swap agreements&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#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: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Credit contracts&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Variation margin on credit&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">default swap agreements&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; 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: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Unamortized upfront&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">premiums paid on credit&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">default swap agreements&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; 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: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Currency contracts&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Unrealized appreciation on&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Unrealized depreciation on&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">forward foreign currency&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">forward foreign currency&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">exchange contracts&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following tables set forth the fair value of the Fund&#8217;s derivative investments categorized by primary risk exposure at November 30, 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="ze83f90d305dc4606adecfad487fe025d">

        <tr>
          <td style="width: 12.39%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">Asset Derivative Investments Value</font>&#160; <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 18.56%; 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: 12.39%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30,</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; 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: 17.52%; 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: 15.45%; 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: 16.5%; 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: 19.58%; 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: 18.56%; 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>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$4,012,868&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$3,063,057&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$2,386,890&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 1,856,211&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 11,319,026&#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="6" style="width: 61.86%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1">
            <div style="text-align: center;"><font style="font-weight: bold;">Liability Derivative Investments Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Forward</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 18.56%; 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: 12.39%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 17.52%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 15.45%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30,</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.39%; 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: 17.52%; 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: 15.45%; 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: 16.5%; 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: 19.58%; 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: 18.56%; 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>
        </tr>
        <tr>
          <td style="width: 12.39%; 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: 17.52%; 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: 15.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$1,469,125&#160;</div>
          </td>
          <td style="width: 16.5%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 19.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 699,741&#160;</div>
          </td>
          <td style="width: 18.56%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,168,866&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z090fc2a032ef4593b47aa1c318e555d8">

        <tr>
          <td style="width: 4.14%; vertical-align: top;">
            <div>*&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.86%; vertical-align: middle;">
            <div>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>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">78 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z743eab8ec17d42c4b06368ed50f44f1b">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following is a summary of the location of derivative investments on the Fund&#8217;s Statement of Operations for the period ended November 30, 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="z36470f03215f4afbbb283463207ba271">

        <tr>
          <td style="width: 42.42%; vertical-align: middle; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Derivative Investment Type</div>
          </td>
          <td style="width: 57.58%; vertical-align: middle; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Location of Gain (Loss) on Derivatives</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42.42%; vertical-align: top;">
            <div>Equity contracts</div>
          </td>
          <td style="width: 57.58%; vertical-align: top;">
            <div>Net realized gain (loss) on futures contracts Net change in unrealized appreciation (depreciation) on futures contracts Net realized gain (loss) on options written Net change in unrealized appreciation (depreciation) on options written</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: 42.42%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Interest rate contracts</div>
          </td>
          <td style="width: 57.58%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Net change in unrealized appreciation (depreciation) on options purchased Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements</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: 42.42%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Credit contracts</div>
          </td>
          <td style="width: 57.58%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements</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: 42.42%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Currency contracts</div>
          </td>
          <td style="width: 57.58%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Net realized gain (loss) on forward foreign currency exchange contracts Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following is a summary of the Fund&#8217;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 period ended November 30, 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="z1637991981954459bb4fd0851083bd8c">

        <tr>
          <td colspan="8" style="width: 89.58%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1">
            <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: 14.59%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.66%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; 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;">Forward</font>&#160;</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.59%; 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;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 16.66%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Options</font>&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.59%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 14.06%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written&#160;</font> <br>
            </div>
          </td>
          <td style="width: 14.06%; vertical-align: bottom; text-align: right;">&#160;<font style="font-weight: bold;">Purchased&#160; <br>
            </font></td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.59%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 14.06%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity&#160;</font> <br>
            </div>
          </td>
          <td style="width: 14.06%; vertical-align: bottom; text-align: right;">&#160;<font style="font-weight: bold;">Interest Rate&#160; <br>
            </font></td>
          <td style="width: 15.62%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 4.16%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.59%; 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: 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: 16.66%; 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: 11.46%; 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: 15.62%; 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: 4.16%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#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;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$13,935,085&#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;">$2,328,807&#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;">$3,853,261&#160;</div>
          </td>
          <td style="width: 16.66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(4,505,934) <br>
            </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;">$&#160; &#8211;&#160;</div>
          </td>
          <td style="width: 15.62%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(6,870)&#160;</div>
          </td>
          <td colspan="2" style="width: 14.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 15,604,349&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="za71fae32a85a49cabc5fbf4ec81f6beb">

        <tr>
          <td style="width: 28.13%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.35%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.46%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 13.54%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="7" style="width: 100%; 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: 28.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 13.54%; 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;">Forward</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.13%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 11.46%; 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;">Options</font>&#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: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Foreign</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Futures</font>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Interest</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Swaps</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Written</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Purchased</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Currency</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.13%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity</font>&#160;</div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Rate</font>&#160;</div>
          </td>
          <td style="width: 11.46%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Credit</font>&#160;</div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Equity&#160;</font> <br>
            </div>
          </td>
          <td style="width: 12.5%; vertical-align: bottom; text-align: right;">&#160;<font style="font-weight: bold;"> Interest Rate&#160; <br>
            </font></td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Exchange</font>&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28.13%; 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: 8.35%; 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: 11.46%; 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: 11.46%; 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: 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: 13.54%; 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: 28.13%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(4,256,408)<br>
            </div>
          </td>
          <td style="width: 8.35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#160;$ &#8211;&#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;">$ 634,048&#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;">$1,557,910&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 749,520&#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;">$(824,377)&#160;</div>
          </td>
          <td style="width: 13.54%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ (2,139,307)&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 79</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z29b89391d53748f8bbe3e76fee519eb0">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Foreign Investments</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 4 &#8211; <font style="font-weight: bold;">Offsetting</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">80 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfc60765890964eaaa5c75911247e462c">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 81</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z31a8113a551d4eadb723b1fff823101e">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom;">
            <div>November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z45dbb765e93543ca85811917ab5d19ac">

        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" rowspan="1" colspan="6">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: middle;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">Gross Amounts Not Offset</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross Amounts</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">of Assets</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented on the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: center; text-indent: 6.4pt;"><font style="font-weight: bold;"> Cash</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Financial</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Collateral</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Instrument</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <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" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Instruments</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Received</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Total Return Swap&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">Agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1,032,721</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>Forward foreign&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">currency&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">exchange&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,856,211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>1,856,211</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(569,333</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(1,246,550</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>40,328</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>Options purchased&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>2,386,890</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>2,386,890</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(29,513</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(2,177,267</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>180,110</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
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    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="zb628f6843a234eab9d15d7567af90b24">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">
            <div style="text-align: center; text-indent: 3.7pt;"><font style="font-weight: bold;">Gross Amounts Not Offset</font></div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross Amounts</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">of Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">in the Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Gross</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Offset in the</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Presented on the</font> </div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="6">
            <div style="text-align: center;"><font style="font-weight: bold;">Assets and Liabilities</font> </div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 4px;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 4px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Amounts of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Statement of</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;"> Cash</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Recognized</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Assets and</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-indent: 4.4pt;"><font style="font-weight: bold;">Financial</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Collateral</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Instrument</font>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <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" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Liabilities</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div><font style="font-weight: bold;">Instruments</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center;"><font style="font-weight: bold;">Pledged</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Amount</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Forward foreign&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">currency&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">exchange&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">contracts&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>699,741</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>(598,846</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>100,895</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div>Reverse&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">Repurchase&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">Agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>(251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>)</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8211;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts. </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 November 30, 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="z6ac845d0c2cf4b53adf2596b5e65f491">

        <tr>
          <td style="width: 25.52%; 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: 40.81%; 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: 17.35%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Cash Pledged</font>&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">Cash Received</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BofA Securities, Inc.&#160;</div>
          </td>
          <td style="width: 40.81%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Credit default swap agreements&#160;</div>
          </td>
          <td style="width: 17.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 2,112,691&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citibank N.A., New York&#160;</div>
          </td>
          <td style="width: 40.81%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Forward foreign currency exchange contracts,&#160;</div>
          </td>
          <td style="width: 17.35%; 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: 25.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 40.81%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 12pt;">Total return swap agreements&#160;</div>
          </td>
          <td style="width: 17.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">&#8211;&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2,120,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.52%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Goldman Sachs International&#160;</div>
          </td>
          <td style="width: 40.81%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Forward foreign currency exchange contracts&#160;</div>
          </td>
          <td style="width: 17.35%; 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>
          <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;">750,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 40.81%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.35%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ &#8211;&#160;</div>
          </td>
          <td style="width: 16.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 4,982,691&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 5 &#8211; <font style="font-weight: bold;">Fees and Other Transactions with Affiliates</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">82 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfaaf1ac929a64bb19066b48b7eb9bd87">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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 0.30% of the Fund&#8217;s average daily managed assets.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 6 &#8211; <font style="font-weight: bold;">Fair Value Measurement</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 inputs used to value assets and liabilities and
      requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Level 1 &#8212; quoted prices in active markets for identical assets or liabilities.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 83</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd050096b7ace4c69a3259d92b95abc39">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 7 &#8211; <font style="font-weight: bold;">Reverse Repurchase Agreements</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 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 period ended November 30, 2020, the average daily balance for which reverse repurchase agreements were outstanding amounted to $168,905,933. The weighted average interest rate was 0.70%.
      As of November 30, 2020 there was $251,147,129 in reverse repurchase agreements outstanding.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">84 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z29f8923125ad4783a1b4383a57302ef8">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 27pt;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">As of November 30, 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" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf270751312ae41ff9800d2fd8686c34d">

        <tr>
          <td style="width: 33.32%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Counterparty</font>&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Interest Rates</font>&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Maturity Dates</font>&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-weight: bold;">Face Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>BMO Capital Markets Corp.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.40% - 0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 44,628,925&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>BMO Capital Markets Corp.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>0.40% - 0.74%&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">01/06/21 - 01/15/21&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">32,549,112&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Canadian Imperial Bank of Commerce&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.91% - 0.96%&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">01/27/21&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">50,127,838&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Canadian Imperial Bank of Commerce&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 36pt;">0.60%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">898,274&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>RBC Capital Markets LLC&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.40% - 0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">34,258,291&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Barclays Capital, Inc.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>0.35% - 0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">15,384,485&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Barclays Capital, Inc.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.40% - 0.70%&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">01/15/21&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12,226,383&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>RBC (Barbados) Trading Bank Corp.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 36pt;">1.01%&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">01/22/21&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">20,335,204&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Societe Generale&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 36pt;">0.96%&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">01/27/21&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9,355,009&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Societe Generale&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 36pt;">0.55%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,773,505&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Credit Suisse Securities (USA) LLC&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.35% - 0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">11,176,686&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Citigroup Global Markets, Inc.&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>0.40% - 0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,790,088&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>J.P. Morgan Securities LLC&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>0.45% - 0.50%*&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Open Maturity&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">7,358,481&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>BNP Paribas&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="margin-left: 36pt;">0.65%*&#160;</div>
          </td>
          <td style="width: 28.27%; 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: 17.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">284,848&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 28.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 17.18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 251,147,129&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zb8817f6cf7d24ea1a0cd05ac60d034a6">

        <tr>
          <td style="width: 4.14%; vertical-align: top;">
            <div>*&#160; &#160; &#160;</div>
          </td>
          <td style="width: 95.86%; vertical-align: middle;">
            <div>The rate is adjusted periodically by the counterparty, subject to approval by the Adviser, and is not based upon a set of reference rate and spread. Rate indicated is the rate effective at November 30, 2020.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The following is a summary of the remaining contractual maturities of the reverse repurchase agreements outstanding as of November 30, 2020 aggregated by asset class of the related collateral pledged
      by the Fund:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z93595dcf179a43b883541d859a90ee0f">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="2">
            <div style="text-align: right; font-weight: bold;">Overnight</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" rowspan="1" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" rowspan="1" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">and Continuous</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Up to 30 days</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">31-90 days</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: right;"><font style="font-weight: bold;">Total</font> </div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>Common Stock&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>20,335,204</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
            <div>20,335,204</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Corporate Bonds&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>126,553,583</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>44,775,495</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
            <div>171,329,078</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Mortgage-Backed Securities&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>59,482,847</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>59,482,847</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Total Reverse&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Repurchase Agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>126,553,583</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>124,593,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
            <div>251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(255, 255, 255);">
            <div>Gross amount of recognized&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255);">
            <div>liabilities for reverse&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>repurchase agreements&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>126,553,583</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>124,593,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>$</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">
            <div>251,147,129</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 8 &#8211; <font style="font-weight: bold;">Borrowings</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 November 30, 2020, there was $35,500,690 outstanding in connection with the Fund&#8217;s credit facility. The average daily amount of borrowings on
      the credit facility during the period was $29,381,168 with a related average interest rate of 1.24%. The maximum amount outstanding during the period was $36,300,000. As of November 30, 2020, the total value of securities segregated and pledged as
      collateral in connection with borrowings was $75,534,229.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The credit facility agreement governing the loan facility includes usual and customary covenants.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">These covenants impose on the Fund asset coverage requirements, collateral requirements,</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 85</div>
    </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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z2a57fcd8eaa940248df9dfa7840c27b0">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 9 &#8211; <font style="font-weight: bold;">Federal Income Tax Information</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">The Fund will not be able to offset gains distributed by an underlying fund in which it invests against its losses or the losses incurred in another underlying fund in which the Fund invests.
      Redemptions of shares in an underlying fund, including those resulting from changes in the allocation among underlying funds, could also cause additional distributable gains to shareholders of the Fund. A portion of any such gains may be short-term
      capital gains that would be distributable as ordinary income to shareholders of the Fund. Further, a portion of losses on redemptions of shares in the underlying funds may be deferred under the wash sale rules.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Certain investments of the Fund, including transactions in options, futures contracts, forward contracts, swaps, short sales, foreign currencies, inflation-linked securities, etc., including for
      hedging purposes, will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules). In a given case, these rules may accelerate income to the Fund, defer losses to the Fund, cause
      adjustments in the holding periods of the Fund&#8217;s securities,</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">86 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfad7f32fa4e04c9aad9511b5506aaaf3">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">convert long-term capital gain into short-term capital gain, convert short-term capital losses into long-term capital loss, or otherwise affect the character of the Fund&#8217;s income. These rules could
      therefore affect the amount, timing and character of distributions to shareholders and cause differences between the Fund&#8217;s book income and its taxable income.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">At November 30, 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" border="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb10d1e449f624826b14e74bc636f2d62">

        <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 Tax</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>&#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;">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;">$1,076,591,030&#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;">$60,325,355&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(41,406,500)&#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;">$18,918,855&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">As of May 31, 2020, (the most recent fiscal year end for U.S. federal income tax purposes) tax components of distributable earnings/(loss) 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="zb703fd32f7d74af28b37d737d88593a1">

        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Net Unrealized</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Accumulated</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Appreciation</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Capital and</font>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom;">
            <div style="text-align: right;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; 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;">Other Losses</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;">Total</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(71,440,791)&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(29,361,229)&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(100,802,020)&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">For the year ended May 31, 2020, (the most recent fiscal year end for U.S. federal income tax purposes) the tax character of distributions paid to shareholders as reflected in the Statements of
      Changes in Net Assets 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="zd615a173eabe4071ad85271a45c338e8">

        <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>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">For all open tax years and all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial
      statements. Uncertain tax positions taken or expected to be taken in the course of preparing the Fund&#8217;s tax returns that would not meet a more-likely-than-not threshold of being sustained by the applicable tax authority and would be recorded as tax
      expense in the current year. Open tax years are those that are open for examination by taxing authorities (i.e. generally the last four tax year ends and the interim tax period since then).</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 87</div>
    </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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0b3eae5ffcae410988d09f6371eb562f">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160; <br>
            </div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 10 &#8211; <font style="font-weight: bold;">Securities Transactions</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">For the period ended November 30, 2020, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, 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="z4e4aa1b9b0004ee4be69d0fa0f4a28b1">

        <tr>
          <td style="width: 75%; vertical-align: middle;">&#160;</td>
          <td style="width: 25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 75%; 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: 25%; 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: 75%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$650,898,343&#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;">$385,284,617&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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 of the Trust. 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 period ended November 30, 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="z4508367087e24f13b5e9042a735a975d">

        <tr>
          <td style="width: 50%; 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: 25%; 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: 25%; 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: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$9,140,346&#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;">$5,501,094&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$(93,237)&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 11 &#8211; <font style="font-weight: bold;">Unfunded Loan Commitments</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Pursuant to the terms of certain loan agreements, the Fund held unfunded loan commitments as of November 30, 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 November 30, 2020, the total amount segregated in connection with unfunded loan commitments
      and reverse repurchase agreements was $280,837,187.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">88 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z29b3f0ab7df4401db9393e381290ce91">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The unfunded loan commitments as of November 30, 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="z1d0ee5bfad6a4391b23655e655e0c209">

        <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><font style="font-weight: bold;">Borrower</font>&#160;</div>
          </td>
          <td style="width: 25%; 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: 25%; 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: 25%; 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: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Alexander Mann&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">12/16/24&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">GBP 446,426&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">$ 66,937&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Aspect Software, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/15/23&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">211,650&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,876&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CapStone Acquisition Holdings, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">10/29/27&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">828,400&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8,193&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>CCC Information Services, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/27/22&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,250,000&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">7,812&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Examworks Group, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">01/27/23&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,100,000&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">37,293&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>EyeCare Partners LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">02/18/27&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">302,703&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">13,080&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Fortis Solutions Group LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">12/15/23&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">163,320&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">163&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Galls LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">01/31/24&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">53,587&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,684&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>HAH Group Holding Co LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">10/29/27&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">410,000&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,056&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Higginbotham&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">11/18/22&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">823,699&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">16,391&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Kar Nut Products Company LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">03/31/24&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20,613&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">308&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Maverick Bidco, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/28/23&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,227,273&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">29,735&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>OEConnection LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">09/25/26&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">6,071&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">121&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Packaging Coordinators Midco, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/01/21&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,269,231&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">18,507&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Pro Mach Group, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">03/07/25&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">173,385&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,118&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Service Logic Acquisition, Inc.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10/22/27&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">392,090&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,863&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>SHO Holding I Corp.&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">04/29/24&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">500,000&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">125,000&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Solera LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">12/02/22&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,992,914&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">28,359&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Southern Veterinary Partners LLC&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">10/05/27&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">436,364&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4,268&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Trader Interactive&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">06/15/23&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">96,154&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">4,615&#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>Venture Global Calcasieu Pass LLC&#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: center;">08/19/26&#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;">4,000,000&#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;">318,558&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 698,937&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: bottom;">
            <div>* The face amount is denominated in U.S. dollars unless otherwise indicated.&#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>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>GBP - British Pound&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">
      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 89</div>
    </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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z99c0058cb4b8442cb93f8a26b4d00d37">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 12&#8211; <font style="font-weight: bold;">Restricted Securities</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The securities below are considered illiquid and restricted under guidelines established by the Board:</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="zf944bf3a065e4e528e881f9811d6973a">

        <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;">Restricted Securities</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Acquisition Date</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;">Cost</font>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-weight: bold;">Value</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Airplanes Pass Through Trust&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2001-1A, 1.265 (1 Month USD&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">LIBOR + 0.55%, Rate Floor:&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">0.55%) 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%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10/14/09&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 5,384,675&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 668&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Atlas Mara Ltd.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10/01/15&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,191,990&#160;</div>
          </td>
          <td style="width: 20%; 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%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Basic Energy Services, Inc.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">due 10/15/23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1,2</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">09/25/18&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">496,721&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">96,250&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beverages &amp; More, Inc.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">06/16/17&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">635,885&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">669,175&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>CBC Insurance Revenue Securitization LLC&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2016-1., 5.25% due 07/15/46<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">08/09/19&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">319,236&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">311,015&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF I Ltd.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2015-1A., 7.50% due 11/12/30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/22/16&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">990,474&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">931,147&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FDF II Ltd.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">2016-2A., 7.70% due 05/12/31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">04/15/16&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,985,677&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,786,151&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FKRT&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">5.47% due 07/03/23&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">06/12/20&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,839,291&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">5,839,281&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>FLNG Liquefaction 2 LLC&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">4.13% due 03/31/38<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">07/23/19&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">228,104&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">258,146&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Freddie Mac Military Housing&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">Bonds Resecuritization&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">Trust Certificates&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 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;">3</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">09/10/19&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,635,994&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">3,543,866&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Mirabela Nickel Ltd.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 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%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">12/31/13&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">1,259,371&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">69,409&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Princess Juliana International&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-indent: 9pt;">Airport Operating Company N.V.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-indent: 9pt;">5.50% due 12/20/27<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">12/17/12&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,310,886&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1,189,739&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Turbine Engines Securitization Ltd.&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; 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 style="margin-left: 9pt;">2013-1 A1., 6.38% due 12/13/48&#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: center;">11/27/13&#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;">451,156&#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;">274,408&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; 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%; 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%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 25,729,460&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">$ 17,707,255&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zbf294fad8bff42cf98a8a812985fa313">

        <tr>
          <td style="width: 4.11%; 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: 95.89%; vertical-align: middle;">
            <div>All or a portion of these securities have been physically segregated in connection with borrowings.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.11%; 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: 95.89%; vertical-align: middle;">
            <div>Security is in default of interest and/or principal obligations.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.11%; 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: 95.89%; vertical-align: middle;">
            <div>Variable rate security. Rate indicated is the rate effective at November 30, 2020. In some instances, the effective rate is lim- ited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a
              position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated ef- fective rate. In instances where multiple underlying reference rates and spread amounts are shown,
              the effective rate is based on a weighted average.</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">Note 13 &#8211; <font style="font-weight: bold;">Capital</font><br>
      <br>
      <font style="font-weight: bold;">Common Shares</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Fund has an unlimited amount of common shares, $0.01 par value, authorized and 45,730,031 shares issued and outstanding.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">90 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zbb72a2fed7c64613b1e701ce51785606">

        <tr>
          <td style="width: 76.76%; vertical-align: middle;">&#160;</td>
          <td style="width: 23.24%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 76.76%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">NOTES TO FINANCIAL STATEMENTS (Unaudited) continued</font>&#160;</div>
          </td>
          <td style="width: 23.24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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="z06eb1a00302c460096af7993c8778864">

        <tr>
          <td style="width: 47.96%; vertical-align: middle;">&#160;</td>
          <td style="width: 34.7%; vertical-align: middle;">&#160;</td>
          <td style="width: 17.34%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 47.96%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 34.7%; vertical-align: bottom;">
            <div style="text-align: right;"><font style="font-weight: bold;">Period 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: 47.96%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 34.7%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-weight: bold;">November 30, 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, 2020</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.96%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Beginning Shares&#160;</div>
          </td>
          <td style="width: 34.7%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">42,426,020&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">35,845,939&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.96%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Shares issued through at-the market offering&#160;</div>
          </td>
          <td style="width: 34.7%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">2,999,622&#160;</div>
          </td>
          <td style="width: 17.34%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">6,052,385&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.96%; 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: 34.7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">304,389&#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;">527,696&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.96%; 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: 34.7%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: right;">45,730,031&#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;">42,426,020&#160;</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">On July 1, 2019, the Fund&#8217;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-top: 12pt; margin-bottom: 12pt;">As of November 30, 2020, up to 2,902,437 shares remained available under the at-the-market sales agreement. For the period ended November 30, 2020, the Fund paid $2,004 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-top: 12pt; margin-bottom: 12pt;">Note 14 <font style="font-weight: bold;">&#8211; COVID-19 and Recent Developments</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">Note 15 &#8211; <font style="font-weight: bold;">Subsequent Events</font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM
      STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 91</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zeb645cb23e384c128873bd6cef0da433">

        <tr>
          <td style="width: 59.34%; vertical-align: middle;">&#160;</td>
          <td style="width: 40.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 59.34%; 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: 40.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Federal Income Tax Information</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">In January 2021, you will be advised on IRS Form 1099 DIV or substitute 1099 DIV as of the U.S. federal tax status of the distributions received by you in the calendar year 2020.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Sector Classification</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;"> <br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">92 l <font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT </div>
  </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>
  <div><br>
    <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;" id="z74cb087f767e4837a9155e497bbf599a">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Trustees</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">The Trustees of the Guggenheim Strategic Opportunities Fund and their principal business occupations during the past five years:</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a767e08a2024b1fafa98c59e45b88e0">

        <tr>
          <td style="width: 10.11%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.22%; vertical-align: middle;">&#160;</td>
          <td style="width: 38.85%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.15%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.46%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; 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: 9.21%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.22%; 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: 38.85%; 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: 11.15%; 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: 21.46%; 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" style="width: 19.32%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1">
            <div><font style="font-weight: bold;">Independent Trustees:</font> <br>
            </div>
          </td>
          <td style="width: 11.15%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Randall C. Barnes</font>&#160;</div>
            <div>(1951)&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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;">Valuation&#160;</div>
            <div style="text-indent: 0.1pt;">Oversight&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2007&#160;</div>
            <div>(Trustee)&#160;</div>
            <div>Since 2020&#160;</div>
            <div>(Chair of the&#160;</div>
            <div>Valuation&#160;</div>
            <div>Oversight&#160;</div>
            <div>Committee)&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Private Investor (2001-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">157&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Current: Purpose Investments Funds (2013-present).&#160;</div>
            <div>&#160;</div>
            <div style="text-indent: 0.1pt;">Former: Managed Duration Investment Grade Municipal Fund (2006-2016).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Angela Brock-Kyle</font>&#160;</div>
            <div>(1959)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2019&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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: 11.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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 Corp. (2014-2018).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Donald A.</font>&#160;</div>
            <div><font style="font-weight: bold;">Chubb, Jr.</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
            <div>(1946)&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2014&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Retired.&#160;</div>
            <div>&#160;</div>
            <div>Former: Business broker and manager of commercial real estate, Griffith &amp; Blair, Inc. (1997-2017).&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Former: Midland Care, Inc. (2011-2016).&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.11%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Jerry B. Farley</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
            <div>(1946) <br>
            </div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2014&#160;</div>
          </td>
          <td style="width: 38.85%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: President, Washburn University (1997-present).&#160;</div>
          </td>
          <td style="width: 11.15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
          </td>
          <td style="width: 21.46%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Current: CoreFirst Bank &amp; Trust&#160;</div>
            <div style="text-indent: 0.1pt;">(2000-present).&#160;</div>
            <div style="text-indent: 0.1pt;"> <br>
            </div>
            <div style="text-indent: 0.1pt;">Former: Westar Energy, Inc.&#160;</div>
            <div>(2004-2018).&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 93 </div>
  </div>
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  </div>
  <div><br>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z96d888cd930a4bb8b9298f63c3e63c28">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zdc589de880fc4847b8d9a6dbd64dfdf2">

        <tr>
          <td style="width: 10.98%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.67%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.22%; vertical-align: middle;">&#160;</td>
          <td style="width: 37.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.98%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.41%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; 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: 9.67%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.22%; 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: 37.74%; 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: 10.98%; 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: 21.41%; 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" style="width: 20.65%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1">
            <div><font style="font-weight: bold;">Independent Trustees continued:</font>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Roman Friedrich III</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;</div>
            <div>(1946)&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Trustee&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2010&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Founder and Managing Partner, Roman Friedrich &amp; Company (1998-present).&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Former: Zincore Metals, Inc.&#160;</div>
            <div>(2009-2019).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Thomas F. Lydon, Jr.</font>&#160;</div>
            <div>(1960)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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 style="text-indent: 0.1pt;">Committee&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2019&#160;</div>
            <div>(Trustee)&#160;</div>
            <div>Since 2020&#160;</div>
            <div>(Chair of the&#160;</div>
            <div>Contracts Review&#160;</div>
            <div>Committee)&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Current: US Global Investors (GROW) (1995-present).&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>Former: Harvest Volatility Edge Trust (3) (2017-2019).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Ronald A. Nyberg</font>&#160;</div>
            <div>(1953)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.67%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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&#160;</div>
            <div style="text-indent: 0.1pt;">Governance&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2007&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 37.74%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Partner, Momkus LLP (2016-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Partner, Nyberg &amp; Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 10.98%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">157&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.41%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Current: PPM Funds (9) (2018 - present); Edward-Elmhurst Healthcare System (2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Western Asset Inflation-Linked Opportunities &amp; Income Fund (2004- 2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <br>
    <div>
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">94 l <font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z25c364b3ff074638925e417f8a70204d">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z43d53ee94c3f4724ac13a06381a410bd">

        <tr>
          <td style="width: 10.95%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.22%; vertical-align: middle;">&#160;</td>
          <td style="width: 39.47%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.9%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.95%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 39.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.95%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 39.47%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.95%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 39.47%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.95%; 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: 9.21%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.22%; 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: 39.47%; 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: 9.9%; 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: 21.25%; 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" style="width: 20.16%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1">
            <div><font style="font-weight: bold;">Independent Trustees continued:</font>&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Sandra G. Sponem</font>&#160;</div>
            <div>(1958)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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>
            <div>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2019&#160;</div>
            <div>(Trustee)&#160;</div>
            <div>Since 2020&#160;</div>
            <div>(Chair of the&#160;</div>
            <div>Audit&#160;</div>
            <div>Committee)&#160;</div>
          </td>
          <td style="width: 39.47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Retired.&#160;</div>
            <div>&#160;</div>
            <div>Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson- Companies, Inc. (2007-2017).&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: SSGAMaster Trust (1) (2018-2020).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Ronald E. Toupin, Jr.</font>&#160;</div>
            <div>(1958) <br>
            </div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Trustee,&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Board and&#160;</div>
            <div style="text-indent: 0.1pt;">Chair of the&#160;</div>
            <div style="text-indent: 0.1pt;">Executive&#160;</div>
            <div style="text-indent: 0.1pt;">Committee&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.22%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2007&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 39.47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice
              President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen &amp; Co., Inc. (1982-1999).&#160;</div>
          </td>
          <td style="width: 9.9%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156&#160;</div>
            <div style="text-align: center;">&#160;</div>
          </td>
          <td style="width: 21.25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Former: Western Asset Inflation-Linked Opportunities &amp; Income Fund (2004- 2020); Western Asset Inflation- Linked Income Fund (2003-2020);&#160;</div>
            <div style="text-indent: 0.1pt;"> <br>
            </div>
            <div style="text-indent: 0.1pt;">Managed Duration Investment Grade Municipal Fund (2003-2016).&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 95 </div>
  </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>
  <div><br>
    <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;" id="zd524be2dd8d240dfb11877e63ce87cd0">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z2b4c8009762f4781ba4ba09879fd3566">

        <tr>
          <td style="width: 12.09%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 10.06%; vertical-align: middle;">&#160;</td>
          <td style="width: 43.42%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.1%; vertical-align: middle;">&#160;</td>
          <td style="width: 14.12%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 10.06%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 43.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.1%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Number of</font>&#160;</div>
          </td>
          <td style="width: 14.12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 10.06%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length</font>&#160;</div>
          </td>
          <td style="width: 43.42%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 11.1%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Portfolios in</font>&#160;</div>
          </td>
          <td style="width: 14.12%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 10.06%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">of Time</font>&#160;</div>
          </td>
          <td style="width: 43.42%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Principal Occupation(s)</font>&#160;</div>
          </td>
          <td style="width: 11.1%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Fund Complex</font>&#160;</div>
          </td>
          <td style="width: 14.12%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Other Directorships</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">and Year of Birth</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 10.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Served**</font>&#160;</div>
          </td>
          <td style="width: 43.42%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">During Past Five Years</font>&#160;</div>
          </td>
          <td style="width: 11.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Overseen</font>&#160;</div>
          </td>
          <td style="width: 14.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div><font style="font-weight: bold;">Held by Trustees***</font>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: bottom; border-bottom: #000000 2px solid;" rowspan="1" colspan="4">
            <div><font style="font-weight: bold;">Interested Trustee:</font> <br>
            </div>
          </td>
          <td style="width: 11.1%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
          <td style="width: 14.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.09%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Amy J. Lee****</font>&#160;</div>
            <div>(1961) <br>
            </div>
          </td>
          <td style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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>
            <div>&#160;</div>
          </td>
          <td style="width: 10.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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>
            <div>&#160;</div>
          </td>
          <td style="width: 43.42%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present);
              Senior Managing Director, Guggenheim Investments (2012-present).&#160;</div>
            <div>&#160;</div>
            <div>Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation
              (2004-2012).&#160;</div>
          </td>
          <td style="width: 11.1%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-align: center;">156 <br>
            </div>
          </td>
          <td style="width: 14.12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">None.&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z615c5d0385474f55a58f149b6b9bdd45">

        <tr>
          <td style="width: 3.45%; vertical-align: top;">&#160;</td>
          <td style="width: 96.55%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3.45%; vertical-align: top;">
            <div style="font-style: italic;">*&#160;</div>
          </td>
          <td style="width: 96.55%; vertical-align: bottom;">
            <div style="font-style: italic;">The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.45%; vertical-align: top;">
            <div style="font-style: italic;">**&#160;</div>
          </td>
          <td style="width: 96.55%; vertical-align: bottom;" colspan="1">
            <div style="font-style: italic;">Each Trustee serves an indefinite term, until his or her successor is elected and qualified. Time served includes time served in the respective position for the Predecessor Corporation.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.45%; vertical-align: top;">
            <div style="font-style: italic;">***&#160;</div>
          </td>
          <td style="width: 96.55%; vertical-align: bottom;" colspan="1">
            <div style="font-style: italic;">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 Bond &amp; Investment Grade Debt 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 Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible &amp; Income Fund.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.45%; vertical-align: top;">
            <div style="font-style: italic;">****&#160;</div>
          </td>
          <td style="width: 96.55%; vertical-align: bottom;" colspan="1">
            <div style="font-style: italic;">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.&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3.45%; vertical-align: top;">
            <div style="font-style: italic;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1&#160;</sup></div>
          </td>
          <td style="width: 96.55%; vertical-align: bottom;">
            <div style="font-style: italic;">Under the Fund&#8217;s Independent Trustees Retirement Policy, Messrs. Chubb, Farley and Friedrich are expected to retire in 2021.&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <br>
    <div>
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">96 l <font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT
      <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>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb690dd268b764239b809ec98e69ee719">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">OFFICERS</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z07bd6384ae544ba2af8d0ef76533c159">

        <tr>
          <td style="width: 10.81%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.4%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.78%; vertical-align: middle;">&#160;</td>
          <td style="width: 71.01%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; 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: 9.4%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 8.78%; 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: 71.01%; 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 style="width: 10.81%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);" rowspan="1" colspan="3">
            <div><font style="font-weight: bold;">Officers:</font> <br>
            </div>
          </td>
          <td style="width: 71.01%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Brian E. Binder</font>&#160;</div>
            <div>(1972)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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>
            <div>&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2018&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 71.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>
                <div>
                  <div>Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC
                    (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief Administrative
                    Officer, Guggenheim Investments (2018-present).&#160;</div>
                  <div> <br>
                  </div>
                  <div>Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd.
                    (2010-2012).&#160;</div>
                </div>
              </div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Joanna M. Catalucci</font>&#160;</div>
            <div>(1966)&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <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>
            <div>&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2012&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (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 Fund Complex (2008-2012); Senior Vice President and Chief Compliance Officer, Security Investor,
              LLC and certain affiliates (2010-2012); Chief Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">James M. Howley</font>&#160;</div>
            <div>(1972)&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div style="text-indent: 0.1pt;">Treasurer&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2006&#160;</div>
            <div>&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present).&#160;</div>
            <div> <br>
            </div>
            <div>Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Mark E. Mathiasen</font>&#160;</div>
            <div>(1978)&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Secretary&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2008&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.81%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div><font style="font-weight: bold;">Glenn McWhinnie</font>&#160;</div>
            <div>(1969)&#160;</div>
          </td>
          <td style="width: 9.4%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div style="text-indent: 0.1pt;">Assistant&#160;</div>
            <div>Treasurer&#160;</div>
          </td>
          <td style="width: 8.78%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Since 2016&#160;</div>
          </td>
          <td style="width: 71.01%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
            <div>Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 97 </div>
  </div>
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  <div><br>
    <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;" id="zfd88deff234e4ebbaad7416bf60f4c98">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="z6b74775385a44ee9b98410d7087892cd">

        <tr>
          <td style="width: 10.87%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 8.84%; vertical-align: middle;">&#160;</td>
          <td style="width: 71.08%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.87%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 71.08%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.87%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 71.08%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.87%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 71.08%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.87%; 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: 9.21%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 8.84%; 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: 71.08%; 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="2" rowspan="1" style="width: 10.87%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers continued:</font> <br>
            </div>
          </td>
          <td style="width: 8.84%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 71.08%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.87%; 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" rowspan="1" style="width: 9.21%; 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 colspan="1" rowspan="1" style="width: 8.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td style="width: 71.08%; 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>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.87%; 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" rowspan="1" style="width: 9.21%; 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 colspan="1" rowspan="1" style="width: 8.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2018&#160;</div>
          </td>
          <td colspan="1" rowspan="1" style="width: 71.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Current: Managing Director, Guggenheim Investments (2002-present).&#160;</div>
          </td>
        </tr>
        <tr>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.87%; 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>
            <div>&#160;</div>
          </td>
          <td colspan="1" rowspan="2" style="width: 9.21%; 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>
            <div>&#160;</div>
          </td>
          <td colspan="1" rowspan="2" style="width: 8.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2012&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" rowspan="5" style="width: 71.08%; 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 Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund
              Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).&#160;</div>
          </td>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.87%; 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 colspan="1" rowspan="2" style="width: 9.21%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-indent: 0.1pt;">Vice President&#160;</div>
          </td>
          <td colspan="1" rowspan="2" style="width: 8.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2014&#160;</div>
          </td>
          <td colspan="1" rowspan="3" style="width: 71.08%; 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>
        </tr>
        <tr>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.87%; 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>
            <div>&#160;</div>
          </td>
          <td colspan="1" rowspan="2" style="width: 9.21%; 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 colspan="1" rowspan="2" style="width: 8.84%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2010&#160;</div>
            <div>&#160;</div>
          </td>
          <td colspan="1" rowspan="6" style="width: 71.08%; 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 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); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management
              (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).&#160;</div>
          </td>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>

    </table>
    <div>&#160;</div>
    <br>
    <div>
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">98 l <font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT<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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z172a1523b1b64e4b99fe6fc733b39bfc">

        <tr>
          <td style="width: 63.75%; vertical-align: middle;">&#160;</td>
          <td style="width: 36.25%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.75%; 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: 36.25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="zc1f1ebf5dbb549e0a7b118006487ee8d">

        <tr>
          <td style="width: 10.53%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.21%; vertical-align: middle;">&#160;</td>
          <td style="width: 9.52%; vertical-align: middle;">&#160;</td>
          <td style="width: 70.73%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Position(s)</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 70.73%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.53%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Held</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Term of Office</font>&#160;</div>
          </td>
          <td style="width: 70.73%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.53%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">Name, Address*</font>&#160;</div>
          </td>
          <td style="width: 9.21%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">with</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom;">
            <div><font style="font-weight: bold;">and Length of</font>&#160;</div>
          </td>
          <td style="width: 70.73%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.53%; 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: 9.21%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Trust</font>&#160;</div>
          </td>
          <td style="width: 9.52%; 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: 70.73%; 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="2" rowspan="1" style="width: 10.53%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div><font style="font-weight: bold;">Officers continued:</font>&#160;</div>
          </td>
          <td style="width: 9.52%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
          <td style="width: 70.73%; vertical-align: bottom; border-bottom: 4px solid rgb(0, 0, 0);">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" rowspan="2" style="width: 10.53%; 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" rowspan="2" style="width: 9.21%; 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 colspan="1" rowspan="2" style="width: 9.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Since 2017&#160;</div>
          </td>
          <td colspan="1" rowspan="5" style="width: 70.73%; 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) Inc. (&#8220;HGINA&#8221;), (2017); Senior Analyst of US Fund Administration, HGINA (2014&#8211;2017); Senior Associate
              of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).&#160;</div>
          </td>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>
        <tr>
        </tr>

    </table>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">*&#160;&#160; The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</div>
    <font style="font-style: italic;"> </font>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-style: italic;">**&#160; Each officer serves an indefinite term, until his or her successor is duly elected and qualified.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;"><font style="font-weight: bold;">GOF</font> l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 99 </div>
  </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>
  <div><br>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3c10c1b8511a4ea48277cc8fb49fadeb">

        <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;">DIVIDEND REINVESTMENT PLAN (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;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">100 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0f947df6bde843c69fc61d15039f5161">

        <tr>
          <td style="width: 74.74%; vertical-align: middle;">&#160;</td>
          <td style="width: 25.26%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.74%; 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: 25.26%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; text-align: right;">
      <hr noshade="noshade" style="height: 1px; width: 100%; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: 0px; margin-right: auto; border: medium none;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT l 101</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z98fd989162054ee69c458af2122a7a26">

        <tr>
          <td style="width: 54.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 45.46%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 54.54%; 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: 45.46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#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="za1eaa824092a441aa3ad3756c9128a31">

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

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">
      <hr noshade="noshade" align="left" style="height: 1px; width: 100%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;">102 l <font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC
      OPPORTUNITIES FUND SEMIANNUAL REPORT</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>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z372cba96cb7749768f8f31d6a1e338d3">

        <tr>
          <td style="width: 61.63%; vertical-align: middle;">&#160;</td>
          <td style="width: 38.37%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.63%; 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: 38.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;">November 30, 2020&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Privacy Principles of Guggenheim Strategic Opportunities Fund for Shareholders</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Questions concerning your shares of Guggenheim Strategic Opportunities Fund?</div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z32c3d658729d4273b5f67bade85d61e4">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-family: Symbol, serif;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>If your shares are held in a Brokerage Account, contact your Broker.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze710a109e037491abed03a0e0bdfa0e4">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>If you have physical possession of your shares in certificate form, contact the Fund&#8217;s Transfer Agent:<br>
                <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 style="margin-top: 12pt; margin-bottom: 12pt;">This report is provided 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-top: 12pt; margin-bottom: 12pt;">Paper copies of the Fund&#8217;s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports. Instead, the reports are made available on a
      website, and you are notified by mail each time a report is posted and provided with a website address to access the report.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you
      may receive paper copies of your shareholder reports; if you invest directly with the Fund, you may call Computershare at 1-866-488-3559. Your election to receive reports in paper form may apply to all funds held in your account with your financial
      intermediary or, if you invest directly, to all Guggenheim closed-end funds you hold.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;">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.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Notice to Shareholders</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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>
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      <div style="text-align: right;"><font style="font-weight: bold;">GOF </font>l GUGGENHEIM STRATEGIC OPPORTUNITIES FUND SEMIANNUAL REPORT l 103</div>
    </div>
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    <div>&#160;</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">ABOUT THE FUND MANAGERS</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Guggenheim Partners Investment Management, LLC</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Investment Philosophy</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt; font-weight: bold;">Investment Process</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;">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-top: 12pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Guggenheim Funds Distributors, LLC</font><br>
      227 West Monroe Street<br>
      Chicago, IL 60606<br>
      Member FINRA/SIPC<br>
      (01/21)</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-weight: bold;">NOT FDIC-INSURED l NOT BANK-GUARANTEED l MAY LOSE VALUE</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-weight: bold; text-align: right;">CEF-GOF-SAR-1120</div>
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    <div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 2.&#160; Code of Ethics.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 3.&#160; Audit Committee Financial Expert.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 4.&#160; Principal Accountant Fees and Services.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 5.&#160; Audit Committee of Listed Registrants.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 6.&#160; Schedule of Investments.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">The Schedule of Investments is included as part of Item 1.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; 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';">Not applicable for a semi-annual reporting period.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 8.&#160; Portfolio Managers of Closed-End Management Investment Companies.</div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">(a)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman';">Not applicable for a semi-annual reporting period.</font></div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">(b)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt; font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman';">There has been no change, as of the date of filing, in any of the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the registrant&#8217;s most recent annual report on Form N-CSR.</font></div>
      <div style="font-family: 'Times New Roman';"><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; 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';">None.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; 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';">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-weight: bold;">Item 11.&#160; Controls and Procedures.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">(a)&#160; &#160; &#160; The registrant&#8217;s principal executive officer and principal financial officer have evaluated the registrant&#8217;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&#8217;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';">&#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>
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      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; 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';">(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';">(b) Not applicable.</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">Item 13.&#160; Exhibits.</div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">(a)(1)</font>&#160;&#160; <font style="font-family: 'Times New Roman';">Not applicable.</font></div>
      <div style="margin-bottom: 12pt;"><a href="ex99cert.htm"><font style="font-family: 'Times New Roman';">(a)(2)</font>&#160;&#160; <font style="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-family: 'Times New Roman';">(a)(3)</font>&#160;&#160; <font style="font-family: 'Times New Roman';">Not applicable.</font></div>
      <div style="margin-bottom: 12pt;"><a href="ex99906cert.htm"><font style="font-family: 'Times New Roman';">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160; <font style="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>
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      <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES</div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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';"><u>Guggenheim Strategic Opportunities Fund</u></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Brian E. Binder</u></div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Brian E. Binder</font></div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Date:&#160;&#160;&#160;&#160;&#160;&#160; February 5, 2021<br>
      </div>
      <div style="text-indent: 36pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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';">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ Brian E. Binder</u></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Name:&#160;&#160;&#160; Brian E. Binder</div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Date:&#160;&#160;&#160;&#160;&#160;&#160; February 5, 2021<br>
      </div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ John L. Sullivan</u></div>
      <u> </u>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">John L. Sullivan</font></div>
      <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Chief Financial Officer, Chief Accounting Officer and Treasurer</font></div>
      <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Date:&#160;&#160;&#160;&#160;&#160;&#160; February 5, 2021</div>
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<TYPE>EX-99.CERT
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<DESCRIPTION>CERTIFICATIONS
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    <div style="text-align: right; text-indent: 36pt; margin-left: 324pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT (a)(2)</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION OF CHIEF EXECUTIVE OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">I, Brian E. Binder, certify that:</div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">1. I have reviewed this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">4. The registrant&#8217;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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(a)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(b)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(c)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(d)&#160; 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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of
      directors (or persons performing the equivalent functions):</div>
    <div style="text-indent: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(a)&#160; 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&#8217;s ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: -9pt; margin-left: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(b)&#160; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal
      control over financial reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"> Date: <u>February 5, 2021</u><br>
    </div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">
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              <div>&#160;</div>
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            <td style="width: 70%; font-family: 'Times New Roman';"><u>/s/ Brian E. Binder</u> </td>
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              <div>&#160;</div>
            </td>
            <td style="width: 70%;">
              <div style="font-family: 'Times New Roman';">Brian E. Binder</div>
            </td>
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            <td rowspan="1" style="width: 70%; font-family: 'Times New Roman';">President and Chief Executive Officer</td>
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  <div>&#160;<br>
    <br>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER</div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">I, John L. Sullivan, certify that:</div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">1. I have reviewed this report on Form N-CSR of Guggenheim Strategic Opportunities Fund;</div>
    <div style="text-indent: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">4. The registrant&#8217;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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(a)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(b)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(c)&#160; 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: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(d)&#160; 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: -9pt; margin-left: 9pt; margin-bottom: 12pt; font-family: 'Times New Roman';">5. The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of
      directors (or persons performing the equivalent functions):</div>
    <div style="text-indent: -18pt; margin-left: 27pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(a)&#160; 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&#8217;s ability to record, process, summarize, and report financial information; and</div>
    <div style="text-indent: -9pt; margin-left: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman';">(b)&#160; Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal
      control over financial reporting.</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">Date: <u>February 5, 2021</u></div>
    <div style="margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 216pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font>
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              </td>
              <td style="width: 70%; font-family: 'Times New Roman';"><u>/s/ John L. Sullivan</u><br>
              </td>
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                <div>&#160;</div>
              </td>
              <td style="width: 70%;">
                <div style="font-family: 'Times New Roman';">John L. Sullivan</div>
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              <td rowspan="1" style="width: 70%; font-family: 'Times New Roman';">Chief Financial Officer, Chief Accounting Officer and Treasurer</td>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman'; font-weight: bold;">EXHIBIT (b)</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">Certification of CEO and CFO Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">18 U.S.C. Section 1350,</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">as Adopted Pursuant to</div>
    <div style="text-align: center; margin-bottom: 6pt; font-family: 'Times New Roman'; font-weight: bold;">Section 906 of the Sarbanes-Oxley Act of 2002</div>
    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';"><br>
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    <div style="margin-bottom: 12pt; font-family: 'Times New Roman';">In connection with the Report on Form N-CSR of Guggenheim Strategic Opportunities Fund (the &#8220;Company&#8221;) for the semi-annual period ended November 30, 2020 (the &#8220;Report&#8221;), Brian E. Binder,
      as President and Chief Executive Officer of the Company, and John L. Sullivan, as Chief Financial Officer, Chief Accounting Officer and Treasurer of the Company, 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>
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              <div style="margin-left: 36pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top; font-family: 'Times New Roman';">
              <div>the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
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      <div> <br>
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              <div style="margin-left: 36pt;">(2)</div>
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              <div>the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</div>
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    <div style="margin-bottom: 12pt;"><u><font style="font-family: 'Times New Roman';">Dated: February 5, 2021</font></u></div>
    <div style="margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman';"><br>
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    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ </u></font><font style="font-family: 'Times New Roman';"><u>Brian E. Binder</u></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160;&#160; <font style="font-family: 'Times New Roman';">Brian E. Binder</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">President and Chief Executive Officer</font></div>
    <div style="margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-family: 'Times New Roman';"><br>
      </font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>/s/ </u></font><font style="font-family: 'Times New Roman';"><u>John L. Sullivan</u></font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Name:</font>&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">John L. Sullivan</font></div>
    <div style="margin-bottom: 12pt;"><font style="font-family: 'Times New Roman';">Title:</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman';">Chief Financial Officer, Chief Accounting Officer and Treasurer</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
