<SEC-DOCUMENT>0001821268-21-000352.txt : 20210806
<SEC-HEADER>0001821268-21-000352.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210806144635
ACCESSION NUMBER:		0001821268-21-000352
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20210531
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210806
EFFECTIVENESS DATE:		20210806

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		211152452

	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>
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<DESCRIPTION>GOF
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Investment Company Act file number<U>&#9;811-21982&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>&#9;Guggenheim Strategic Opportunities Fund&#9;</U><BR>
(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>&#9;227 West Monroe Street, Chicago, 60606&#9;</U><BR>
(Address of principal executive offices) (Zip code)</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>&#9;227 West Monroe Street, Chicago, 60606&#9;</U><BR>
(Name and address of agent for service)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Registrant's telephone number, including area
code:<U>&#9; (312) 827-0100&#9;</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of fiscal year end: <U>May 31</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">Date of reporting period: <U>June 1, 2020 -
May 31, 2021</U></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 1. Reports to Stockholders.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The registrant's annual report transmitted to shareholders pursuant
to Rule 30e-1 under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), is as follows:</P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="gof-11tosizex1x1.gif" ALT="">&nbsp;</P>

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




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

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GUGGENHEIMINVESTMENTS.COM/GOF</P>

<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">... YOUR WINDOW TO THE LATEST, MOST UP-TO-DATE INFORMATION ABOUT
GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The shareholder report you are reading right now is just the beginning
of the story.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Online at <B>guggenheiminvestments.com/gof</B>, you will find:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Daily, weekly and monthly data on share prices, net asset values,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">distributions and more</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull; Portfolio overviews and performance analyses</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull; Announcements, press releases and special notices</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull; Fund and adviser contact information</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Partners Investment Management, LLC and Guggenheim Funds
Investment Advisors, LLC are continually updating and expanding shareholder information services on the Fund&rsquo;s website in an ongoing
effort to provide you with the most current information about how your Fund&rsquo;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.</P>




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 65%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DEAR SHAREHOLDER (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We thank you for your investment in the Guggenheim Strategic Opportunities
Fund (the &ldquo;Fund&rdquo;). This report covers the Fund&rsquo;s performance for the 12-month period ended May 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The recovery from the COVID-19 outbreak has been faster than many
expected. Consumer confidence has held up well as massive fiscal support drove positive personal income growth and a swift monetary policy
response led to gains in household net worth. While fiscal support and COVID-19 vaccines continue to be deployed, disruptions in the economy
and markets caused by the COVID-19 pandemic may continue and materially impact the Fund and its assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">To learn more about the Fund&rsquo;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&rsquo;s investment philosophy, views on the economy and market environment, and
detailed information about the factors that impacted the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;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&rsquo;s
sub-adviser seeks to combine a credit-managed fixed-income portfolio with access to a diversified pool of alternative investments and
equity strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">All Fund returns cited&mdash;whether based on net asset value (&ldquo;NAV&rdquo;)
or market price&mdash;assume the reinvestment of all distributions. For the 12-month period ended May 31, 2021, the Fund provided a total
return based on market price of 45.59% and a total return based on NAV of 27.20%. As of May 31, 2021, the Fund&rsquo;s market price of
$20.90 per share represented a premium of 22.58% to its NAV of $17.05 per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s
shares fluctuates from time to time, and it may be higher or lower than the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">From June 2020 through May 2021, the Fund paid a monthly distribution
of $0.1821 per share. The most recent distribution represents an annualized distribution rate of 10.46% based on the Fund&rsquo;s closing
market price of $20.90 per share on May 31, 2021. The Fund&rsquo;s distribution rate is not constant and the amount of distributions,
when declared by the Fund&rsquo;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 26, and Note 2(f) on page 77 for more information on distributions for the period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Funds Investment Advisors, LLC (the &ldquo;Adviser&rdquo;)
serves as the investment adviser to the Fund. Guggenheim Partners Investment Management, LLC (&ldquo;GPIM&rdquo; or the &ldquo;Sub-Adviser&rdquo;)
serves as the Fund&rsquo;s investment sub-adviser and is responsible for the management of the Fund&rsquo;s portfolio of investments.
Each of the Adviser and the Sub-Adviser is an affiliate of Guggenheim Partners, LLC (&ldquo;Guggenheim&rdquo;), a global diversified financial
services firm.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>3</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 71%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DEAR SHAREHOLDER (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We encourage shareholders to consider the opportunity to reinvest
their distributions from the Fund through the Dividend Reinvestment Plan (&ldquo;DRIP&rdquo;), which is described in detail on page 115
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&rsquo;s common
shares is at a premium above NAV, the DRIP reinvests participants&rsquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s website at guggenheiminvestments.com/gof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sincerely,</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim
Funds Investment Advisors, LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Guggenheim Strategic Opportunities Fund</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">June 30, 2021</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>4 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

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    <TD STYLE="width: 78%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ECONOMIC AND MARKET OVERVIEW (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Treasury yield curve steepened in the 12 months ending May
31, 2021, as investors reacted to inflationary fears and uncertainty about the stability of the economic recovery and the direction of
future Federal Reserve (the &ldquo;Fed&rdquo;) policy. During that time, the yield on the two-year Treasury declined by 2 basis points
(&ldquo;bps&rdquo;) to 0.14 from 0.16, and the 10-year U.S. Treasury climbed 93 bps to 1.58% from 0.65%. The spread between the two-year
Treasury and 10-year Treasury widened from 49 bps to 144 bps. One basis point is equal to one-hundredth of one percent, or .01%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">U.S. economic growth picked up in the first half of 2021 as new
COVID-19 cases subsided and fiscal policy gained traction. First quarter real gross domestic product (&ldquo;GDP&rdquo;) increased by
a robust 6.4% annualized, and we expect growth could accelerate to 11% annualized in the second quarter as the COVID-19 vaccine rollout
and looser state restrictions allow for greater services spending. Personal consumption should continue to power growth, as households
are flush with cash due to the past year&rsquo;s pandemic-related spending constraints, record fiscal transfers, and surging equity and
real estate valuations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The combination of recovering demand and lingering supply constraints
is leading to price increases across a range of goods and services despite the prevalence of excess capacity in many sectors. This apparent
contradiction can also be seen in the labor market data: The unemployment rate remains elevated at 5.8%&mdash;and the labor force participation
rate is 1.8% below its pre-pandemic peak&mdash;but a record share of small business owners report difficulty in finding workers. We expect
these pandemic-induced supply constraints and associated price pressures to be transitory, as do Fed officials who will discount the noisy
inflation data in coming months. Our analysis suggests that the secular disinflationary headwinds of the past few decades will prove more
lasting than a rise in prices due to temporary supply shortages.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Against this backdrop we expect Fed policymakers will defer the
tapering of the Fed&rsquo;s $120 billion in monthly asset purchases until 2022, which would also push back the timing of the first rate
hike. Another potentially dovish variable is that President Biden will have an opportunity to appoint up to four new Fed governors in
the next seven months, including a new chair. We expect an emphasis on diverse candidates whose professional focus skews toward labor
market inequality. This would underscore the Fed&rsquo;s new commitment to a &ldquo;broad based and inclusive&rdquo; interpretation of
its maximum employment mandate, and could result in low rates for longer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The economy&rsquo;s ability to fully recover from the pandemic
depends in large part on the success of the global vaccination campaign. While the U.S. is on track to inoculate over 60% of the population
later this year, vaccination drives outside of the U.S. are progressing more slowly, especially in lower-income countries with large populations.
Many of these are reliant on traditional vaccine technologies that deliver lower protection rates. As a result, the world economy faces
sharply divergent growth prospects, which will likely limit the Fed&rsquo;s ability to hike rates as soon as markets are pricing (25 bps
by January 2023) without triggering a disruptive rise in the dollar. The upshot is we expect that real U.S. interest rates will remain
deeply negative, providing a risk-friendly backdrop for investors.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>5</SUP></P>





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    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Guggenheim Strategic Opportunities Fund (&ldquo;Fund&rdquo;)
is managed by a team of seasoned professionals at Guggenheim Partners Investment Management, LLC (&ldquo;GPIM&rdquo;). 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&rsquo;s
performance for the 12-month period ended May 31, 2021.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>What is the Fund&rsquo;s investment objective and how is it
pursued?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&ldquo;Income Securities&rdquo;) 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 (&ldquo;Common Equity Securities&rdquo;), exposure
to which is obtained primarily by investing in exchange-traded funds (&ldquo;ETFs&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under normal market conditions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; The Fund may invest without limitation in fixed-income securities
rated below investment grade (commonly referred to as &ldquo;junk bonds&rdquo;);</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; The Fund may invest up to 20% of its total assets in non-U.S.
dollar denominated fixed-income securities of corporate and governmental issuers located outside the U.S., including up to 10% of total
assets in fixed-income securities of issuers located in emerging markets;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; The Fund may invest up to 50% of its total assets in common
equity securities, and the Fund may invest in ETFs or other investment funds that track equity market indices and/or through derivative
instruments that replicate the economic characteristics of exposure to Common Equity Securities; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>6 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; The Fund may invest up to 30% of its total assets in investment
funds that primarily hold (directly or indirectly) investments in which the Fund may invest directly, of which amount up to 30% of the
Fund&rsquo;s total assets may be invested in investment funds that are registered as investment companies under the Investment Company
Act of 1940 (the &ldquo;1940 Act&rdquo;) to the extent permitted by applicable law and related interpretations of the staff of the U.S.
Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;
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&rsquo; return will be less
than if financial leverage had not been used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>What are the details of the Guggenheim closed-end fund merger
announcement made on April 20, 2021?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Investments announced that the Boards of Trustees of
each of Guggenheim Strategic Opportunities Fund (NYSE: GOF), Guggenheim Enhanced Equity Income Fund (NYSE: GPM) and Guggenheim Credit
Allocation Fund (NYSE: GGM), each a closed-end fund (each, a &ldquo;Fund&rdquo; and together, the &ldquo;Funds&rdquo;), approved the mergers
of GPM and GGM with and into GOF. GOF would be the acquiring Fund, and the acquired Funds would be GPM and GGM.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The proposed mergers are intended to provide potential benefits
to common shareholders, including exposure for GPM and GGM to the enhanced investment opportunities offered by GOF, economies of scale
and greater secondary market liquidity for each Fund&rsquo;s common shareholders,</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>7</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">among other things. Upon closing of the mergers, GOF would continue
to be subject to its current investment objectives, policies and restrictions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">It is currently expected that the mergers will be completed in
the third or fourth quarter of 2021, subject to required shareholder approvals and the satisfaction of applicable regulatory requirements
and other customary closing conditions. Shareholders of GPM and GGM would receive newly issued common shares of GOF, the aggregate net
asset value (not the market value) of which will equal the aggregate net asset value of their common shares held immediately prior to
the merger(s). Approval of the merger of GPM into GOF is not contingent upon approval of GGM into GOF, and likewise, approval of the merger
of GGM into GOF is not contingent upon approval of GPM into GOF.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">More information regarding the proposed mergers is provided in
the Combined Proxy Statement/Prospectus that was filed on June 29, 2021 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
and available on the SEC&rsquo;s website (www.sec.gov). Investors and security holders of GPM, GGM and GOF are urged to read the Combined
Proxy Statement/Prospectus and other documents filed with the SEC carefully and in their entirety.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>How did the Fund perform for the 12 months ended May 31, 2021?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">All Fund returns cited&mdash;whether based on net asset value (&ldquo;NAV&rdquo;)
or market price&mdash;assume the reinvestment of all distributions. For the 12-month period ended May 31, 2021, the Fund provided a total
return based on market price of 45.59% and a total return based on NAV of 27.20%. As of May 31, 2021, the Fund&rsquo;s market price of
$20.90 per share represented a premium of 22.58% to its NAV of $17.05 per share. As of May 31, 2020, the Fund&rsquo;s market price of
$16.20 per share represented a premium of 5.95% to its NAV of $15.29 per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s
shares fluctuates from time to time and maybe higher or lower than the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please refer to the graphs and tables included within the Fund
Summary, beginning on page 23 for additional information about the Fund's performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>What were the Fund&rsquo;s distributions?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">From June 2020 through May 2021, the Fund paid a monthly distribution
of $0.1821 per share. The most recent distribution represents an annualized distribution rate of 10.46% based on the Fund&rsquo;s closing
market price of $20.90 per share on May 31, 2021. The Fund&rsquo;s distribution rate is not constant and the amount of distributions,
when declared by the Fund&rsquo;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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>8 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Shareholders&nbsp;&amp; Annualized Distribution Rate on page 26,
and Note 2(f) on page 77 for more information on distributions for the period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For the year ended May 31, 2021, 55.5% of the distributions were
characterized as return of capital and 44.5% of the distributions were characterized as ordinary income. The final determination of the
tax character of the distributions paid by the Fund in 2021 will be reported to shareholders in January 2022.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>How did other markets perform in this environment for the 12-month
period ended May 31, 2021?</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 82%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Index</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 18%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Return</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg Barclays U.S. Aggregate Bond Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-0.40%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.65%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bloomberg Barclays U.S. Corporate High Yield Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.96%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Credit Suisse Leveraged Loan Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.94%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ICE Bank of America Merrill Lynch Asset Backed Security Master BBB-AA Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.11%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S&amp;P 500 Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.32%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Discuss performance over the period.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s strong performance was driven primarily by spread
tightening following the Fund&rsquo;s purchases during the depths of the COVID-19 sell-off. The Fund&rsquo;s carry, or income received
from portfolio investments, also materially contributed to performance. Every major sector positively contributed to the returns of the
Fund over the period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s credit allocation increased towards the end of
the first quarter 2020 and continued growing throughout the remainder of the calendar year following the resetting of valuations lower
across all risk asset classes amid the market sell-off due to COVID-19. The most attractive categories of focus included corporate bonds
and bank loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Risk asset prices troughed in March 2020 and bounced back faster
than ever before, added by unprecedented intervention by central bankers, including the Fed. Record low rates, bond buying, and the introduction
of various liquidity facilities helped corporations repair their balance sheets, giving them runway to ride out the storm of the recession
caused by COVID-19.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Bank loans, which made up nearly 50% of the Fund&rsquo;s net assets
at period end, were the largest contributor to performance on the back of improving COVID-19 vaccination rates and further stimulus. Commodities-related
and pandemic-sensitive industries outperformed, and lower quality outperformed higher quality for much of the period. While loan volume
grew through the period, reaching a record high of $181 billion in the first quarter of 2021, performance was supported by inflows into
the asset class and rising interest rates, as the yield on the 10-year U.S. Treasury increased from 0.65% to 1.58% during the period.
Fundamentals improved steadily across the loan market over</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>9</SUP></P>






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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the period, including revenue and earnings before interest, taxes,
depreciation, and amortization (&ldquo;EBITDA&rdquo;) growth that drove deleveraging leading to average interest coverage ratios near
record highs of 4.6x. In addition, the market has experienced net rating agency upgrades, as the default rate has turned lower and market
default expectations have improved.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The allocation to corporate bonds was roughly 54% of the Fund&rsquo;s
net assets at period end. Fundamental conditions support long positioning in credit despite historically tight spreads in our view. After
a year of downgrades, there is a tailwind for the entire below-investment grade credit world as there have been more upgrades than downgrades
year-to-date, a positive sign for risk. Continued U.S. economic recovery should further bolster many below-investment grade companies&rsquo;
balance sheets. The investment-grade corporate bond sector saw strong performance as spreads tightened over the period. Investment-grade
spreads have tightened to pre-COVID levels, driven largely by progress on COVID vaccination and support from ongoing fiscal and monetary
stimulus. Despite equity volatility, mixed economic data, and heavy primary supply, investment-grade market technicals remain strong.
Recent fiscal stimulus and a continued dovish monetary policy stance should continue to provide support for corporates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Structured credit comprised 15% of the Fund&rsquo;s net assets
at period end. Most subsectors in asset-backed securities (&ldquo;ABS&rdquo;) have fully recovered from the COVID-19 correction. Prices
for bonds across all subsectors rose sharply as both interest rates and credit spreads collapsed in the second half of 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Within structured credit, collateralized loan obligations (&ldquo;CLOs&rdquo;)
made up 6% of the Fund&rsquo;s net assets at period end. Senior and subordinated CLO tranches have generally rallied back to pre-COVID
levels and largely avoided the wave of COVID-related defaults some had feared. As a result, rating agencies, which had downgraded a significant
number of CLO tranches by mid-2020, have reversed course and now are reviewing many CLO tranches for upgrades. With this constructive
backdrop, CLO new issuance surged in the fourth quarter of 2020 and should continue to exhibit considerable strength in 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund also allocated to select credit closed-end funds during
last year&rsquo;s market turmoil to take advantage of attractive yields and deeply discounted share prices relative to their NAVs. Additionally,
the Fund held a 30 year uniform MBS security with high positive monthly carry and was also short a 30 year uniform MBS security of equivalent
par which has a negative monthly carry. Carry is the return the Fund earns from no change in markets (rates, spreads, etc.) The combination
could result in an attractive, risk-adjusted carry. In addition, if interest rates rally, the Fund expects that the long security may
appreciate more in price relative to the short security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>10 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>What was the impact of derivatives on Fund performance?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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-U.S. dollar
credits or government securities of foreign countries. It also uses various derivatives to obtain exposure to indices that track various
credit sectors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Returns from the covered call equity 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Discuss the Fund&rsquo;s approach to duration.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has no set policy regarding portfolio duration or maturity;
interest rate duration at period end was ~5.2 years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Discuss the Fund&rsquo;s use of leverage.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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. As of May 31, 2021, the Fund&rsquo;s
leverage was approximately 30% of managed assets (including the proceeds of leverage), compared with about 9% at the beginning of the
period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 may result in greater NAV volatility and entails more downside risk than
an unleveraged portfolio.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>11</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Index Definitions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Indices are unmanaged and reflect no expenses. It is not possible
to invest directly in an index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>Bloomberg Barclays U.S. Aggregate Bond Index </B>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 &ldquo;MBS&rdquo; (agency fixed-rate and hybrid adjustable-rate
mortgage, or &ldquo;ARM&rdquo;, pass-throughs), ABS, and commercial mortgage-backed securities (&ldquo;CMBS&rdquo;) (agency and non-agency).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>Bloomberg Barclays U.S. Aggregate Bond 1-3 Year Index </B>measures
the performance of publicly issued investment grade corporate, U.S. Treasury and government agency securities with remaining maturities
of one to three years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>Bloomberg Barclays U.S. Corporate High Yield Index </B>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&rsquo;s, Fitch, and S&amp;P is Ba1/BB +/BB + or below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>Credit Suisse Leveraged Loan Index </B>is an index designed
to mirror the investable universe of the U.S.-dollar-denominated leveraged loan market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>ICE Bank of America Merrill Lynch Asset Backed Security
Master BBB-AA Index </B>is a subset of the ICE Bank of America Merrill Lynch U.S. Fixed Rate Asset Backed Securities Index including all
securities rated AA1 through BBB3, inclusive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The <B>Standard &amp; Poor&rsquo;s 500 (&ldquo;S&amp;P 500&rdquo;)
</B>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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>12 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks and Other Considerations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s investments
and a shareholder&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund is subject to various risk factors. Certain of these risk
factors are described below. Please see the Fund&rsquo;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&rsquo;s Prospectus and SAI on
the EDGAR Database on the Securities and Exchange Commission&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Below Investment Grade Securities Risk. </B>High yield, below
investment grade and unrated high risk debt securities (which also may be known as &ldquo;junk bonds&rdquo;) 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>13</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Corporate Bond Risk. </B>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. 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&rsquo;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&rsquo; perceptions of the creditworthiness of the issuer, the issuer&rsquo;s
financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&rsquo;s capital
structure and use of financial leverage and demand for the issuer&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Covered Call Option Strategy Risk. </B>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 &ldquo;covered&rdquo; 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&rsquo;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&rsquo;s life. As the Fund writes covered calls over more of its portfolio, its ability to benefit
from capital appreciation becomes more limited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>14 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Credit Risk. </B>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&rsquo;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&rsquo;s liquidity
and make it more difficult for the Fund to sell at an advantageous price or time. The risk of the occurrence of these types of events
is especially heightened under current conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Current Fixed-Income and Debt Market Conditions. </B>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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Derivatives Transactions Risk. </B>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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Equity Securities Risk. </B>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</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>15</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">investments, may rise or fall rapidly or unpredictably and may
reflect real or perceived changes in the issuing company&rsquo;s financial condition and changes in the overall market or economy. Equity
securities are currently experiencing heightened volatility and therefore, the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Interest Rate Risk. </B>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 (&ldquo;LIBOR&rdquo;), may
adversely affect the Fund&rsquo;s investments in these instruments, such as 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&rsquo;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&rsquo;s susceptibility to interest rate risk and diminishing yield and performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment in Loans Risk. </B>The Fund may purchase loans on
a direct assignment basis from a participant in the original syndicate of lenders or from subsequent assignees of such interests. Loans
may offer a fixed or floating interest rate. Loans are often below investment grade and may be unrated. The Fund&rsquo;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&rsquo;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 &ldquo;covenant-lite&rdquo; loans or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>16 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 (&ldquo;LIBOR&rdquo;), 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&ldquo;Senior Loans&rdquo;). 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&rsquo;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 in payment
priority and secured on a senior priority basis in contrast to subordinated and unsecured securities. Senior Loans&rsquo; higher priority
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 have less interest rate risk than certain
other lower grade securities, which may have fixed interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Second Lien Loans Risk. </U>The Fund may invest in &ldquo;second
lien&rdquo; secured floating rate loans made to public and private corporations and other non-governmental entities and issuers for a
variety of purposes (&ldquo;Second Lien Loans&rdquo;). Second Lien Loans are subject to the same 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>17</SUP></P>





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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Leverage Risk. </B>The Fund&rsquo;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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Management Risk. </B>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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Market Risk. </B>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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>18 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, natural/environmental disasters, cyber attacks, terrorism, governmental
or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other
similar events, each of which may be temporary or last for extended periods. For example, the crisis initially caused by the outbreak
of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures,
travel restrictions and quarantines, and adversely impacting local and global economies. As with other serious economic disruptions, governmental
authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, which could further increase
volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect the
value of the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Prepayment Risk. </B>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&rsquo;s yield. These types of instruments are particularly
subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Short Sales Risk </B>The Fund may make short sales of securities.
A short sale is a transaction in which the Fund sells a security it does not own. If the price of the security sold short increases between
the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss. Although the Fund&rsquo;s
gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Structured Finance Investments Risk. </B>The Fund&rsquo;s structured
finance investments may consist of residential mortgage-backed securities (&ldquo;RMBS&rdquo;) and commercial mortgage-backed securities
(&ldquo;CMBS&rdquo;) issued by governmental entities and private issuers, asset-backed securities (&ldquo;ABS&rdquo;), 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</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>19</SUP></P>





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

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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Mortgage-Backed Securities (&ldquo;MBS&rdquo;) Risk. </U>MBS
represent an interest in a pool of mortgages. The risks associated with MBS include: (1) credit risk associated with the performance of
the underlying mortgage properties and of the borrowers owning these properties; (2) risks associated with their structure and execution
(including the collateral, the process by which principal and interest payments are allocated and distributed to investors and how credit
losses affect the return to investors in such MBS); (3) risks associated with the servicer of the underlying mortgages; (4) adverse changes
in economic conditions and circumstances, which are more likely to have an adverse impact on MBS secured by loans on certain types of
commercial properties than on those secured by loans on residential properties; (5) prepayment risk, which can lead to significant fluctuations
in the value of the MBS; (6) loss of all or part of the premium, if any, paid; and (7) decline in the market value of the security, whether
resulting from changes in interest rates, prepayments on the underlying mortgage collateral or perceptions of the credit risk associated
with the underlying mortgage collateral.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 18pt 20pt"><I>Commercial Mortgage-Backed Securities Risk.</I> 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt"><I>Residential Mortgage-Backed Securities Risk.</I> 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>20 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">the area where the related mortgaged property is located, the level
of the borrower&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Asset-Backed Securities Risk. </U>While traditional fixed-income
securities typically pay a fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest
in a pool of assets, such as automobile loans, credit card receivables, unsecured consumer loans or student loans, that has been securitized
and provides for monthly payments of interest, at a fixed or floating rate, and principal from the cash flow of these assets. This pool
of assets (and any related assets of the issuing entity) is the only source of payment for the ABS. The ability of an ABS issuer to make
payments on the ABS, and the timing of such payments, is therefore dependent on collections on these underlying assets. The recoveries
on the underlying collateral may not, in some cases, be sufficient to support payments on these securities, which may result in losses
to investors in an ABS. These risks are elevated given the currently distressed economic, market, labor and public health conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>CLO, CDO and CBO Risk. </U>In addition to the general risks
associated with credit securities discussed herein, collateralized loan obligations (&ldquo;CLOs&rdquo;), collateralized debt obligations
(&ldquo;CDOs&rdquo;), and collateralized bond obligations (&ldquo;CBOs&rdquo;) are subject to additional risks. CLOs, CDOs and CBOs are
subject to risks associated with the possibility that distributions from collateral securities may not be adequate to make interest or
other payments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Valuation Risk. </B>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&rsquo;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&rsquo;s investments
can be difficult to value and thus particularly prone to the foregoing risks.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>21</SUP></P>





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

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  <TR>
    <TD STYLE="width: 75%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>QUESTIONS &amp; ANSWERS (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s Board of Trustees as required by law and the Fund&rsquo;s governing documents.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>22 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 63%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND SUMMARY (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 55%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 45%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Fund Statistics</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$20.90</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Asset Value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$17.05</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premium to NAV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.58%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Assets ($000)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$878,041</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><IMG SRC="image_002.gif" ALT="" STYLE="height: 212px; width: 474px"></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor&rsquo;s shares, when sold, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The Fund does not seek to achieve performance that is comparative to an index.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AVERAGE ANNUAL TOTAL RETURNS FOR THE</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PERIOD ENDED MAY 31, 2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>One</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Three</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Five</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ten</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Year</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Strategic Opportunities Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NAV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.20%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.24%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.29%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.20%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.59%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.03%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.27%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.96%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s shares, when sold, may be worth more or less than their original cost.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>23</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND SUMMARY (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Portfolio Breakdown</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Asset-Backed Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Collateralized Mortgage Obligations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.2%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Preferred Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Closed-End Funds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.7%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.8%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150.1%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call Options Written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.1%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Collateralized Mortgage Obligations Sold Short</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7.4%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other Assets &amp; Liabilities, net</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(42.6%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ten Largest Holdings</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Uniform MBS 30 Year, 2.50%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.2%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pershing Square Tontine Holdings, Ltd. &mdash; Class A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Morgan Stanley Finance LLC, 1.50%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Boeing Co., 5.81%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.4%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delta Air Lines, Inc., 7.00%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Aesf Vi Verdi, LP, 2.15%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Midcap Funding XLVI Trust, 5.61%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Applebee&rsquo;s Funding LLC / IHOP Funding LLC, 4.19%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ViacomCBS, Inc., 4.95%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CD&amp;R Firefly Bidco Ltd., 4.25%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Top Ten Total</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&ldquo;Ten Largest Holdings&rdquo; excludes any temporary cash
or derivative investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>24 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND SUMMARY (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Portfolio Composition by Quality Rating<SUP>1</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Rating</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AAA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.4%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBB</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.8%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BB</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">B</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CCC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.5%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">C</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NR<SUP>2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Instruments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">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&rsquo;s, Standard &amp; Poor&rsquo;s (&ldquo;S&amp;P&rdquo;), or Fitch, each of which is a Nationally Recognized Statistical Rating Organization (&ldquo;NRSRO&rdquo;). For purposes of this presentation, when ratings are available from more than one agency, the highest rating is used. Guggenheim Investments has converted Moody&rsquo;s and Fitch ratings to the equivalent S&amp;P rating. Security ratings are determined at the time of purchase and may change thereafter.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NR (not rated) securities do not necessarily indicate low credit quality.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>25</SUP></P>






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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND SUMMARY (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><IMG SRC="image_003.gif" ALT="" STYLE="height: 214px; width: 311px"></FONT></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><IMG SRC="image_004.gif" ALT="" STYLE="height: 286px; width: 339px"></FONT></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>All or a portion of the above distributions may be characterized
as a return of capital. For the year ended May 31, 2021, 55.5% of the distributions were characterized as return of capital and 44.5%
of the distributions were characterized as ordinary income. The final determination of the tax character of the distributions paid by
the Fund in 2021 will be reported to shareholders in January 2022.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>26 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR>
    <TD STYLE="width: 63%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 37%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; font: 9pt Calibri, Helvetica, Sans-Serif; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 57%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shares</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>COMMON STOCKS<SUP>&dagger; </SUP>&ndash; 6.3%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 5.9%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pershing Square Tontine Holdings, Ltd. &mdash; Class A*<SUP>,1,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,042,740</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 26,193,629</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aequi Acquisition Corp. &mdash; Class A*<SUP>,1,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">738,900</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,130,385</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Gores Holdings VI, Inc. &mdash; Class A*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">453,180</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,389,838</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KKR Acquisition Holdings I Corp.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">341,566</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,429,323</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KKR Acquisition Holdings I Corp. &mdash; Class A*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">341,566</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,326,853</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RXR Acquisition Corp. &mdash; Class A*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">144,077</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,433,566</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MSD Acquisition Corp.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">116,869</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,199,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TPG Pace Beneficial II Corp.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">105,300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,054,053</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Soaring Eagle Acquisition Corp. &mdash; Class A*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">85,487</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">843,757</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TPG Pace Solutions Corp.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">65,765</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">648,443</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Colicity, Inc. &mdash; Class A*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">29,650</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">287,605</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RXR Acquisition Corp.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,923</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">69,230</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Colicity, Inc.*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,685</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26,742</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">52,032,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ATD New Holdings, Inc.*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,571</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">651,408</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cengage Learning Holdings II, Inc.*<SUP>,&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,126</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">222,520</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Save-A-Lot*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15,565</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">97,284</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Targus Group International Equity, Inc.*<SUP>,&dagger;&dagger;&dagger;,2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12,989</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,190</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chef Holdings, Inc.*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">31</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,950</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Non-cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,003,352</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Utilities &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TexGen Power LLC*<SUP>,&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">22,219</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">866,541</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Energy &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SandRidge Energy, Inc.*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">39,565</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">210,090</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Permian Production Partners LLC*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">86,684</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,556</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Unit Corp.*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,556</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">83,396</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Titan Energy LLC*<SUP>,&dagger;&dagger;&dagger;,1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,603</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Energy</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">407,042</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Figs, Inc. &mdash; Class A*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,450</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">356,867</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Exide Technologies*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">342</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">341,710</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">698,577</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vector Phoenix Holdings, LP*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">81,324</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BP Holdco LLC*<SUP>,&dagger;&dagger;&dagger;,2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19,419</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Industrial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,743</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>27</SUP></P>






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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 60%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shares</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>COMMON STOCKS<SUP>&dagger; </SUP>&ndash; 6.3% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technology &ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Qlik Technologies, Inc. &ndash; Class A*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">56</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 71,669</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Qlik Technologies, Inc. &ndash; Class B*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,812</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Technology</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">71,669</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer Products &ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fashion Holdings Intermediate Inc.*<SUP>,&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">57</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,311</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Common Stocks</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $47,656,033)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,181,735</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>PREFERRED STOCKS<SUP>&dagger; </SUP>&ndash; 5.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 4.6%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America Corp., 4.38%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">240,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,103,200</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">First Republic Bank, 4.25%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">158,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,049,540</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Public Storage, 4.63%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">144,400</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,894,468</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wells Fargo &amp; Co., 4.70%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">148,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,812,480</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Prudential Financial, Inc., 4.13% due 09/01/60<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">140,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,605,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PartnerRe Ltd., 4.88%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">128,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,402,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">W R Berkley Corp., 4.13% due 03/30/61<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">126,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,250,800</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Financial Group, Inc., 4.50% due 09/15/60<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,701,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CNO Financial Group, Inc., 5.13% due 11/25/60<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">80,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,049,600</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Equitable Holdings, Inc., 4.30%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">82,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,049,180</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">First Republic Bank , 4.13%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">54,800</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,385,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assurant, Inc., 5.25% due 01/15/61<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,062,800</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">W R Berkley Corp., 4.25% due 09/30/60<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">36,800</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">942,448</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Selective Insurance Group, Inc., 4.60%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">36,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">907,920</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AgriBank FCB , 6.88%<SUP>&dagger;&dagger;,3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">436,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Public Storage, 4.13%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,400</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">426,400</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,078,968</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Government &ndash; 0.3%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Farmer Mac, 5.75%<SUP>&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">112,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,980,320</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Exide Technologies*<SUP>,&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">761</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">761,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Preferred Stocks</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $42,179,724)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">43,820,528</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>WARRANTS<SUP>&dagger; </SUP>&ndash; 0.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pershing Square Tontine Holdings, Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 07/24/25*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">115,860</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,105,305</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Gores Holdings VI, Inc. &ndash; Class A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 08/24/27*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">135,954</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">644,422</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>28 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shares</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>WARRANTS<SUP>&dagger; </SUP>&ndash; 0.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aequi Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 11/30/27*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">246,299</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 179,232</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KKR Acquisition Holdings I Corp. &ndash; Class A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 12/31/27*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">85,391</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">91,368</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Soaring Eagle Acquisition Corp. &ndash; Class A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 12/31/27*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">17,096</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">37,098</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RXR Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 03/08/26*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">28,815</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">20,173</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Colicity, Inc. &ndash; Class A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring 12/31/27*<SUP>,16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,929</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,708</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Warrants</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $2,372,896)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,085,306</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CLOSED-END FUNDS<SUP>&dagger; </SUP>&ndash; 4.7%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock Taxable Municipal Bond Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">285,768</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,144,200</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nuveen Taxable Municipal Income Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">287,097</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,548,683</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nuveen AMT-Free Municipal Credit Income Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">288,888</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,052,651</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock Corporate High Yield Fund, Inc.<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">361,116</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,358,670</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Invesco Municipal Opportunity Trust<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">225,519</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,082,845</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Invesco Trust for Investment Grade Municipals</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">205,779</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,887,079</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Invesco Municipal Trust<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">182,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,507,449</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Invesco Advantage Municipal Income Trust II<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">159,382</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,947,648</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Blackstone Strategic Credit Fund<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">132,307</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,805,990</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock Municipal Income Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">107,502</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,630,805</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock Credit Allocation Income Trust<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">84,909</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,281,277</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ares Dynamic Credit Allocation Fund, Inc.<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">65,906</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,041,315</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nuveen AMT-Free Quality Municipal Income Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">458,960</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock Debt Strategies Fund, Inc.<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">35,574</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">399,496</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Eaton Vance Limited Duration Income Fund<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,426</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">393,408</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nuveen Quality Municipal Income Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24,792</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">388,739</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Western Asset High Income Opportunity Fund, Inc.<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">59,843</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">309,388</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BlackRock MuniVest Fund, Inc.<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24,001</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">228,010</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Closed-End Funds</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $36,878,503)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41,466,613</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>MONEY MARKET FUND<SUP>&dagger; </SUP>&ndash; 1.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dreyfus Treasury Securities Cash Management Fund &mdash; Institutional Shares, 0.01%<SUP>4</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,576,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,576,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Money Market Fund</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $10,576,039)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,576,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>29</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 59%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 24%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 19.4%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Morgan Stanley Finance LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.50% due 10/23/29<SUP>6</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 13,919,850</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dyal Capital Partners III</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.40% due 06/15/40<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,229,679</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wilton RE Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00%<SUP>&dagger;&dagger;&dagger;,1,3,7,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,774,579</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kuvare US Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 02/17/51<SUP>3,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,563,338</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Liberty Mutual Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.30% due 02/01/61<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,079,046</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NFP Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 08/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,075,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,211,667</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 05/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,754,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citigroup, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.88%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,025,200</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,785,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Charles Schwab Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.38%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,310,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00%<SUP>3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,361,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Iron Mountain, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.63% due 07/15/32<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,314,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Markel Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,770,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,310,059</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">National Life Insurance Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.50% due 09/15/39<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,278,127</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Home Point Capital, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 02/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,109,730</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hampton Roads PPV LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.62% due 06/15/53<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,869,035</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GLP Capital Limited Partnership / GLP Financing II, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 01/15/31<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,410,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,616,441</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.30% due 01/15/29<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,050,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,210,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RXR Realty LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 07/17/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,415,753</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">QBE Insurance Group Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.50% due 11/24/43<SUP>1,3,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,354,300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.88%<SUP>1,3,7,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,031,938</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hunt Companies, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 04/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,185,483</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">United Wholesale Mortgage LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 11/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,756,836</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 04/15/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">296,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Equitable Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.95%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,923,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>30 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 61%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 19.4% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Host Hotels &amp; Resorts, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.50% due 09/15/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,610,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,708,549</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">OneMain Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 09/15/30</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,645,090</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 03/15/24<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,616,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.63% due 01/15/28<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">283,700</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,265,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.30%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,160,300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cushman &amp; Wakefield US Borrower LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% due 05/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,394,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Equity Investment Life Holding Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 06/15/27<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,357,229</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BBC Military Housing-Navy Northeast LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.30% due 10/15/49</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,165,880</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LPL Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 03/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,050,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,030,937</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Lincoln National Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.38% due 06/15/50<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,560,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,940,536</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citizens Financial Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.15% (3 Month USD LIBOR + 3.96%, Rate Floor: 0.00%)<SUP>1,5,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,503,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wells Fargo &amp; Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.90%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,306,362</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assurant, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.90% due 03/27/28<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,248,555</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fort Knox Military Housing Privatization Project</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.82% due 02/15/52<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,887,453</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,118,997</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kennedy-Wilson, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 03/01/31<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,045,470</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fairfax Financial Holdings Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.38% due 03/03/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,039,546</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">First American Financial Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 05/15/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,740,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,906,968</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MetLife, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.85% <SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,820,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,897,350</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">OneAmerica Financial Partners, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 10/15/50<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,730,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,726,960</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Newmark Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 11/15/23<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,598,698</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Weyerhaeuser Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 12/15/33<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,504,083</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Allianz SE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.50%<SUP>1,3,7,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,435,868</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>31</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 19.4% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Reinsurance Group of America, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.15% due 06/15/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,052,006</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AmWINS Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.75% due 07/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,008,316</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PartnerRe Finance B LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% due 10/01/50<SUP>1,3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">974,685</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Atlas Mara Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.00% due 06/21/21<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">973,720</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fort Benning Family Communities LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.09% due 01/15/51<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">713,391</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">901,118</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of New York Mellon Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.70%<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">670,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">730,300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pacific Beacon LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.63% due 07/15/51<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">684,275</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">726,455</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Macquarie Bank Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.62% due 06/03/30<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">640,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">665,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Greystar Real Estate Partners LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 12/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">461,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fort Gordon Housing LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.32% due 05/15/51<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">234,880</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">USI, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 05/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">152,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">170,466,589</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 9.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Delta Air Lines, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 05/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,635,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,203,224</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Marriott International, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 06/15/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,320,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,618,535</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.50% due 10/15/32<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,462,002</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.85% due 04/15/31</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,280,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,276,040</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 05/01/25<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">490,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">568,591</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Air Canada 2020-2 Class A Pass Through Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 04/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,060,601</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,486,783</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Walgreens Boots Alliance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.10% due 04/15/50<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,991,366</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Delta Air Lines, Inc. / SkyMiles IP Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% due 10/20/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,933,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JB Poindexter &amp; Company, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.13% due 04/15/26<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,696,875</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Williams Scotsman International, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 08/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,644,537</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% due 06/20/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,229,336</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>32 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 9.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Live Nation Entertainment, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% due 05/15/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,814,562</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">United Airlines, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 04/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,376,233</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HP Communities LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.16% due 09/15/53<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,215,124</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.82% due 09/15/53<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">945,652</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,085,299</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wolverine World Wide, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 05/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,075,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,207,281</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yum! Brands, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 01/31/32</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,850,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,933,306</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.75% due 04/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">217,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PetSmart, Inc. / PetSmart Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% due 02/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,071,200</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hyatt Hotels Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 04/23/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,690,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,011,362</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aramark Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 05/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,859,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 02/01/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">110,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,541</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Powdr Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% due 08/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,825,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,920,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LBC Tank Terminals Holding Netherlands BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 05/15/23<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,875,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,875,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JetBlue Class A Pass Through Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 11/15/32</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,654,051</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,802,489</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 01/20/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,753,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Six Flags Theme Parks, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 07/01/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,575,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,693,550</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wyndham Hotels &amp; Resorts, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.38% due 08/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,661,563</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 06/01/31<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,011,360</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.88% due 03/01/27<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">610,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">635,925</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Picasso Finance Sub, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 06/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,486,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,567,730</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Boyne USA, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% due 05/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,291,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Scotts Miracle-Gro Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 04/01/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,283,464</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CD&amp;R Smokey Buyer, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% due 07/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,025,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,094,187</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Superior Plus Limited Partnership / Superior General Partner, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% due 03/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,017,060</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>33</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 9.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vail Resorts, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% due 05/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 637,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">United Airlines Class AA Pass Through Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.45% due 12/01/27<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">498,397</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">525,144</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ferguson Finance plc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.25% due 06/02/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">490,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">521,571</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Lithia Motors, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.38% due 01/15/31<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">475,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">502,360</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Performance Food Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 05/01/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">479,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Boyd Gaming Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.63% due 06/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">275,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wabash National Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 10/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">102,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">80,666,601</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 6.6%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Altria Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.70% due 02/04/51<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,468,100</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CPI CG, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.63% due 03/15/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,336,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sotheby&rsquo;s</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.38% due 10/15/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,638,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">US Foods, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% due 04/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,066,103</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% due 02/15/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,396,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sabre GLBL, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.38% due 09/01/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,225,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,397,438</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.25% due 04/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">877,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Acadia Healthcare Company, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 04/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,490,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 07/01/28<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">583,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kraft Heinz Foods Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.20% due 07/15/45<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,478,843</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.38% due 06/01/46<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">850,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">913,327</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Post Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% due 09/15/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,274,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nathan&rsquo;s Famous, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.63% due 11/01/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,050,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,096,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 02/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,070,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Royalty Pharma plc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.55% due 09/02/50<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,020,660</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>34 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 60%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 6.6% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nielsen Finance LLC / Nielsen Finance Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.63% due 10/01/28<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,009,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cheplapharm Arzneimittel GmbH</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 01/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,002,143</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">DaVita, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 06/01/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,937,791</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Spectrum Brands, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 07/15/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,823,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Gartner, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% due 07/01/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,789,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Avantor Funding, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 07/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,769,377</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AMN Healthcare, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 10/01/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,242,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TreeHouse Foods, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 09/01/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,143,571</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bidfair Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.88% due 06/01/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,104,246</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rent-A-Center, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 02/15/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,070,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 12/31/27<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">949,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">965,607</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FAGE International S.A. / FAGE USA Dairy Industry, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.63% due 08/15/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">927,630</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Prestige Brands, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.75% due 04/01/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">864,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Par Pharmaceutical, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.50% due 04/01/27<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">798,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">813,960</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Jaguar Holding Company II / PPD Development, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 06/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">756,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Endo Luxembourg Finance Company I SARL / Endo US, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 04/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">739,688</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Endo Finance LLC / Endo Finco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.25% due 01/15/22<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">736,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Carriage Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.63% due 06/01/26<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">682,298</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Central Garden &amp; Pet Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.13% due 10/15/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">637,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KeHE Distributors LLC / KeHE Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.63% due 10/15/26<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">494,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">545,870</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Charles River Laboratories International, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 03/15/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">304,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>35</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 6.6% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Endo Dac / Endo Finance LLC / Endo Finco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% due 06/30/28<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 174,162</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Non-cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">58,144,189</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 4.8%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Boeing Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.81% due 05/01/50<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12,133,062</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PowerTeam Services LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.03% due 12/04/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,440,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,792,600</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">New Enterprise Stone &amp; Lime Company, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.75% due 07/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,442,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cleaver-Brooks, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.88% due 03/01/23<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,375,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,377,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 09/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,265,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Great Lakes Dredge &amp; Dock Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 06/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,139,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Harsco Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 07/31/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,702,188</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Intertape Polymer Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 10/15/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,586,550</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Summit Materials LLC / Summit Materials Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 01/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,529,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Howmet Aerospace, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 05/01/25<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">926,200</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.95% due 02/01/37<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">580,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GrafTech Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 12/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,483,785</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JELD-WEN, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% due 05/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,445,175</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Grinding Media, Inc. / MC Grinding Media Canada, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.38% due 12/15/23<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,330,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,358,608</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mauser Packaging Solutions Holding Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.50% due 04/15/24<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">980,875</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 04/15/24<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">325,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">327,974</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Princess Juliana International Airport Operating Company N.V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 12/20/27<SUP>1,9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,240,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,119,687</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PGT Innovations, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% due 08/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,056,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vertical US Newco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 07/15/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">988,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Brundage-Bone Concrete Pumping Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% due 02/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">725,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">750,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GATX Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 06/30/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">560,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">625,399</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>36 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 60%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 4.8% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hillenbrand, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 06/15/25<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif">325,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 348,374</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TransDigm, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.00% due 12/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">324,213</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EnPro Industries, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 10/15/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">115,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">121,181</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hillman Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 07/15/22<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,028</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Exide Technologies</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 10/31/24<SUP>&dagger;&dagger;&dagger;,10</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,353,687</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Industrial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">42,444,785</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Communications &ndash; 4.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ViacomCBS, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.95% due 05/19/50<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,390,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,617,359</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Altice France S.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.13% due 01/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,850,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,831,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.13% due 07/15/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,685,482</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.38% due 05/01/26<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,056,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,098,155</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corning, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.38% due 11/15/57<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,598,824</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Walt Disney Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.80% due 05/13/60<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,820,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,097,315</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AMC Networks, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 02/15/29<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,630,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">UPC Broadband Finco BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.88% due 07/15/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,546,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LCPR Senior Secured Financing DAC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.13% due 07/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,282,600</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% due 10/15/27<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">805,425</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Radiate Holdco LLC / Radiate Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% due 09/15/26<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,818,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">McGraw Hill LLC / McGraw-Hill Global Education Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.00% due 11/30/24<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,532,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,551,150</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TripAdvisor, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 07/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,452,937</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cengage Learning, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.50% due 06/15/24<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,416,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,439,010</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CSC Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 12/01/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">788,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">763,493</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Houghton Mifflin Harcourt Publishers, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.00% due 02/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">747,040</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ziggo Bond Company BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.13% due 02/28/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">507,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Communications</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">35,472,728</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>37</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Energy &ndash; 3.8%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BP Capital Markets plc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.88% due 12/31/70<SUP>1,3,8</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 7,249,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Occidental Petroleum Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.20% due 03/15/40<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,215,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 11/15/27<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,142,262</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.30% due 08/15/39<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,795,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NuStar Logistics, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 10/01/30<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,942,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hess Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.60% due 02/15/41<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,870,944</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% due 01/15/40<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,251,346</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.13% due 03/15/33</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">668,459</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Global Partners Limited Partnership / GLP Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% due 08/01/27<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,718,437</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.88% due 01/15/29<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,025,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,107,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CVR Energy, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 02/15/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 02/15/28<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">350,875</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Midwest Connector Capital Company LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.63% due 04/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,809,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,899,924</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cenovus Energy, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% due 04/15/24<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">966,135</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95% due 04/15/22<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">612,090</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rattler Midstream, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.63% due 07/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Energy Transfer, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 04/01/24<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,083,347</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Buckeye Partners, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.35% due 10/15/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">783,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TransMontaigne Partners Limited Partnership / TLP Finance Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 02/15/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">525,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">530,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FLNG Liquefaction 2 LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.13% due 03/31/38<SUP>1,9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">257,840</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">263,084</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Basic Energy Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.75% due 10/15/23<SUP>9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">95,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Schahin II Finance Co. SPV Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 09/25/22<SUP>7,10</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,216,133</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">78,927</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Energy</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">33,674,330</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Utilities &ndash; 2.5%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Midcap Funding XLVI Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.61% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/29/24<SUP>&dagger;&dagger;&dagger;,5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,249,990</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cheniere Corpus Christi Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.52% due 12/31/39<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,049,416</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>38 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
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    <TD STYLE="width: 63%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Utilities &ndash; 2.5% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Terraform Global Operating LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 03/01/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,180,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,245,400</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Clearway Energy Operating LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.75% due 02/15/31<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,031,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AES Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95% due 07/15/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,430,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,543,971</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Petershill II Senior Secured Notes</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 12/02/39<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">839,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">889,031</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% due 07/15/39<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">161,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">170,601</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Utilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">22,180,159</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Basic Materials &ndash; 1.9%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Alcoa Nederland Holding BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 12/15/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,928,340</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 05/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,475,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,605,906</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Carpenter Technology Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.38% due 07/15/28<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,375,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,692,135</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WR Grace &amp; Company-Conn</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.88% due 06/15/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,975,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,078,687</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Clearwater Paper Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% due 08/15/28<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,975,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,935,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HB Fuller Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 10/15/28<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,174,438</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Compass Minerals International, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% due 12/01/27<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,075,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,152,938</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Illuminate Buyer LLC / Illuminate Holdings IV, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.00% due 07/01/28<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">875,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">969,063</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Arconic Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% due 05/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">373,733</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mirabela Nickel Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 06/24/19<SUP>9,10</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,388,176</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,527</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Basic Materials</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,966,267</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technology &ndash; 1.7%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NCR Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% due 10/01/30<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,125,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,204,028</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.13% due 09/01/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">869,176</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.13% due 04/15/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">525,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">572,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.13% due 04/15/29<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">512,950</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Oracle Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95% due 03/25/51</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,182,578</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TeamSystem SpA</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.75% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 02/15/28<SUP>5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 1,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,076,049</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Twilio, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.88% due 03/15/31<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,032,220</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>39</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 63%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CORPORATE BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 54.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technology &ndash; 1.7% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BY Crown Parent LLC / BY Bond Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 01/31/26<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,175,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,227,711</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Boxer Parent Company, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.13% due 10/02/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,179,860</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Playtika Holding Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% due 03/15/29<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,132,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% due 03/01/25<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">406,600</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Technology</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">14,396,172</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Corporate Bonds</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $455,632,189)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">474,411,820</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 10.9%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CD&amp;R Firefly Bidco Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (6 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/23/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP 5,340,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,549,491</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Zephyr Bidco Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.80% (1 Month GBP LIBOR + 4.75%, Rate Floor: 4.75%) due 07/23/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP 3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,195,521</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.55% (1 Month GBP LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP 360,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">497,143</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">First Brands Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,218,396</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SP PF Buyer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.59% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/22/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,229,266</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,132,331</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CCRR Parent, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/06/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,015,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Truck Hero, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 01/31/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BCPE Empire Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 06/11/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,998,340</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/11/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,872,666</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,866,823</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Situs AMC Holdings Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,796,516</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,725,331</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Alterra Mountain Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 07/31/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,328,440</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,334,697</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Accuride Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 11/17/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,324,619</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,158,388</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Samsonite IP Holdings SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 04/25/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,027,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,042,261</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>40 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 10.9% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MB2 Dental Solutions LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 01/29/27<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,987,406</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,930,934</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.25% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 01/29/27<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,048</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">110,911</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EnTrans International LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.09% (1 Month USD LIBOR + 6.00%, Rate Floor: 6.00%) due 11/01/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,166,647</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,024,148</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WIRB &ndash; Copernicus Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 01/08/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,881,235</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,893,855</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Packers Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 03/09/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,776,372</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,761,102</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BGIS (BIFM CA Buyer, Inc.)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,711,799</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,701,630</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Trailer World Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/03/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,445,418</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rent-A-Center, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 02/17/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,010,840</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PetSmart LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/11/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,006,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Eyemart Express</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 08/05/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,984,576</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,976,638</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cast &amp; Crew Payroll LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/09/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,971,028</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,957,487</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BBB Industries LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.59% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 08/01/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,957,942</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,941,299</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CNT Holdings I Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 11/08/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,850,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,852,312</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ScribeAmerica Intermediate Holdco LLC (Healthchannels)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.59% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/03/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,926,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,849,817</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">OEConnection LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/25/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,670,166</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,661,815</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PT Intermediate Holdings III LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 10/15/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,678,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,649,372</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Power Solutions (Panther)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.34% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,575,774</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,567,406</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Blue Nile, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.50% (3 Month USD LIBOR + 6.50%, Rate Floor: 7.50%) due 02/17/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,625,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,511,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Alexander Mann</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.20% (6 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/16/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,251,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Checkers Drive-In Restaurants, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 04/25/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,285,152</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,205,640</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SHO Holding I Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 04/26/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,282,347</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,179,759</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.23% (3 Month USD LIBOR + 5.23%, Rate Floor: 6.23%) due 04/29/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,520</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19,802</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">IBC Capital Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.94% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 09/11/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,208,309</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,197,736</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>41</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Cyclical &ndash; 10.9% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WESCO</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/14/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,143,974</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,141,089</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Galls LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.25% (3 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 01/31/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">986,916</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">977,839</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.25% (1 Month USD LIBOR + 6.25% and 3 Month USD LIBOR + 6.25%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 7.25%) due 01/31/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">110,919</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">104,474</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Holding SOCOTEC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 05/07/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">897,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ImageFIRST Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 04/27/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">896,296</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">895,176</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CHG Healthcare Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 06/07/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">728,131</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">727,221</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NES Global Talent</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 05/11/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">708,953</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">662,871</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sovos Brands Intermediate, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.98% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 11/20/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">596,947</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">596,947</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Drive Chassis (DCLI)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.19% (3 Month USD LIBOR + 7.00%, Rate Floor: 7.00%) due 04/10/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">504,165</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Tire Distributors, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 09/01/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">425,232</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">420,627</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.50% (1 Month USD LIBOR + 7.50% and 3 Month USD LIBOR + 7.50%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 8.50%) due 09/02/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">81,618</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">80,846</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Belk, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.00% (5.00% Fixed Rate +0.00%, Rate Floor: 0.00%) (in-kind rate was 8.00%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 07/31/25<SUP>11</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">415,373</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">292,318</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.50% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 07/31/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,428</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">100,679</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BidFair MergeRight, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 01/15/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">344,035</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">346,040</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Intrawest Resorts Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.84% (1 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 07/31/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">296,173</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">291,044</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EG Finco Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.20% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 02/07/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">290,295</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">287,247</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Landrys, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.00% (3 Month USD LIBOR + 12.00%, Rate Floor: 13.00%) due 10/04/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">222,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Atlantic Aviation FBO, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.85% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 12/08/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">98,987</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">98,789</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">96,087,265</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 9.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Valeo F1 Company Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 08/27/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP 4,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,371,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Women&rsquo;s Care Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 01/15/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,242,187</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Blue Ribbon LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% (3 Month USD LIBOR + 6.00%, Rate Floor: 6.75%) due 05/08/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,274,931</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>42 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 9.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">National Mentor Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.75%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.50%) due 03/02/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,021,333</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 4,023,867</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Taxware Holdings (Sovos Compliance LLC)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 04/29/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,969,998</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Quirch Foods Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (2 Month USD LIBOR + 4.75% and 3 Month USD LIBOR + 4.75%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 5.75%) due 10/27/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,690,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,709,204</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HAH Group Holding Co. LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 10/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,290,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,292,073</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Southern Veterinary Partners LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 10/05/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,155,727</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,159,672</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AI Aqua Zip Bidco Pty Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 12/13/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kronos Acquisition Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 12/22/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,545,662</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,523,388</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Zep, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 08/12/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,557,799</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,517,514</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Springs Window Fashions</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.59% (1 Month USD LIBOR + 8.50%, Rate Floor: 8.50%) due 06/15/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,345,788</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.34% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 06/16/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">883,255</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">883,529</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Arctic Glacier Group Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/20/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,290,740</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,187,657</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MDVIP LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 11/14/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,078,977</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,072,054</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PlayPower, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.70% (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 05/08/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,042,843</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,022,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PetIQ LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 4.25%, Rate Floor: 4.75%) due 04/13/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,980,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Packaging Coordinators Midco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (1 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.25%) due 11/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,802,808</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SCP Eye Care Services LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 03/16/28<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,789,773</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,789,773</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EyeCare Partners LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 02/18/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,735,010</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,718,093</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Diamond (BC) BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.19% (2 Month USD LIBOR + 3.00% and 3 Month USD LIBOR + 3.00%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 3.00%) due 09/06/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,721,417</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,713,671</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cambrex Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 12/04/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,683,032</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,688,081</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Snacking Investments US LLC (Arnott&rsquo;s)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/18/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,678,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,678,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>43</SUP></P>





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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Consumer, Non-cyclical &ndash; 9.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Confluent Health LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.09% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 06/24/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,572,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,572,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Triton Water Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.00%) due 03/31/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,514,815</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,512,921</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">California Cryobank</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.20% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/06/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,513,834</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,502,481</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BCPE Eagle Buyer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/18/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,441,447</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,442,528</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hearthside Group Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/23/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,417,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,415,164</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sierra Acquisition, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 11/11/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,406,719</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,392,652</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mission Veterinary Partners</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (6 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/27/28<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,346,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Endo Luxembourg Finance Company I SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 03/27/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,267,682</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Tecbid US, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95% (3 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/25/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">988,890</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">983,946</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pearl Intermediate Parent LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 02/14/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">797,975</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">797,727</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Atkins Nutritionals, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/07/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">772,693</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">775,266</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Certara, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.70% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 08/15/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">598,769</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">598,020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Moran Foods LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11.75% (3 Month USD LIBOR + 0.00%, Rate Floor: 1.00%) (in-kind rate was</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.75%) due 10/01/24<SUP>11</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">331,632</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">288,520</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.00% (3 Month USD LIBOR + 0.00%, Rate Floor: 1.00%) (in-kind rate was</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00%) due 04/01/24<SUP>11</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">270,462</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">282,633</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Examworks Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 07/27/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">545,616</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">546,102</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Kar Nut Products Company LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/31/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">360,755</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">359,095</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (3 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 03/31/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">20,613</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">20,518</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chefs&rsquo; Warehouse, Inc., The</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.59% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 06/23/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">297,744</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">297,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Recess Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 09/30/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">294,656</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">292,226</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Consumer, Non-cyclical</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">80,660,450</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>44 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technology &ndash; 8.5%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Project Boost Purchaser LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 06/01/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,323,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 5,318,832</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/01/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,674,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,661,590</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Peraton Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/01/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,204,074</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Transact Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.84% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 04/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,091,384</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,050,470</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Provation Software Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (6 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 12/22/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,900,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,851,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sportradar Capital SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (6 Month EURIBOR + 4.25%, Rate Floor: 4.25%) due 11/22/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 3,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,782,121</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ascend Learning LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 07/12/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,681,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,686,102</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Valkyr Purchaser, LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 11/05/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,651,533</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Planview Parent, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/17/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,341,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,337,448</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Concorde Lux</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (6 Month EURIBOR + 4.00%, Rate Floor: 4.00%) due 03/01/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,434,443</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sitecore Holding III A/S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.75% (3 Month USD LIBOR + 6.25%, Rate Floor: 6.75%) due 03/12/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">968,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">954,123</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% (3 Month EURIBOR + 6.25%, Rate Floor: 6.25%) due 03/12/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 666,667</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">801,451</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (3 Month EURIBOR + 6.25%, Rate Floor: 6.25%) due 03/12/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 533,333</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">641,160</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Project Ruby Ultimate Parent Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.00% (1 Month USD LIBOR + 5.00%, Rate Floor: 0.00%) (in-kind rate</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">was 8.00%) due 03/10/28<SUP>11</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,294,618</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Datix Bidco Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.71% (6 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/28/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,001,644</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,990,520</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.96% (6 Month USD LIBOR + 7.75%, Rate Floor: 7.75%) due 04/27/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">300,111</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">298,112</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Apttus Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 05/08/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,161,653</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ministry Brands LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.00%, Rate Floor: 5.00%) due 12/02/22<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,140,283</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,113,605</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Emerald TopCo, Inc. (Press Ganey)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.69% (1 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 3.50%) due 07/24/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,063,969</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,051,069</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Team.Blue Finco SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 03/27/28<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 1,655,405</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,009,362</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RealPage, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.75% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 04/24/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,980,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,977,030</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Upland Software, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/06/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,970,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,960,564</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Atlas CC Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 04/28/28<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,947,563</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>45</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technology &ndash; 8.5% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Misys Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 06/13/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,918,109</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,892,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Wrench Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 04/30/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,795,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,799,989</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Brave Parent Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 04/18/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,795,944</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,793,699</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Solera LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.58% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 12/02/22<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,795,276</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,774,138</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TIBCO Software, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.85% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 06/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,736,875</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,726,957</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aston FinCo SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.35% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/09/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,683,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,668,274</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Navicure, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 10/22/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,526,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,523,396</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24-7 Intouch, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.84% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 08/25/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,462,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,440,563</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1A Smart Start LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 08/19/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,243,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,241,673</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Greenway Health LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 02/16/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">969,773</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">909,967</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sabre GLBL, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/10/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">798,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">801,990</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Epicor Software</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (1 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 07/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">497,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">496,928</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EXC Holdings III Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 12/02/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">98,473</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">98,227</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Technology</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">74,347,093</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 8.3%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CapStone Acquisition Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 11/12/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,610,046</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,610,046</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">DXP Enterprises, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/23/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,890,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,890,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Charter Nex US Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 12/01/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,790,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,803,539</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Bath Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 11/23/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,741,037</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">StandardAero</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.70% (3 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 04/06/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,708,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,621,934</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">DG Investment Intermediate Holdings 2, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 03/31/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,587,792</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,583,911</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">YAK MAT (YAK ACCESS LLC)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.19% (3 Month USD LIBOR + 10.00%, Rate Floor: 10.00%) due 07/10/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,980,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,425,720</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>46 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 8.3% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mileage Plus Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/21/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,399,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Diversitech Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.25%) due 12/02/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,392,826</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,394,567</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.50% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.50%) due 06/02/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ILPEA Parent, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 03/02/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,338,865</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,335,941</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fortis Solutions Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 12/15/23<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,296,217</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,273,254</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WP CPP Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,322,058</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,255,880</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aegion Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 05/17/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,208,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dispatch Terra Acquisition LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/27/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,094,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">US Farathane LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/23/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,079,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">STS Operating, Inc. (SunSource)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 12/11/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,022,142</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,989,909</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TricorBraun Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.75% (6 Month USD LIBOR + 3.25%, Rate Floor: 3.75%) due 03/03/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,973,986</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,958,195</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NA Rail Hold Co. LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.70% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 10/19/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,872,045</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,881,405</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pelican Products, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/01/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,860,068</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,843,328</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Tank Holdings Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.75%) due 03/26/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,695,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,701,058</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Anchor Packaging LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 07/20/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,627,567</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,629,602</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">API Holdings III Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.34% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 05/11/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,572,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,548,420</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Avison Young (Canada), Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.17% (3 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 01/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,568,466</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,544,939</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Service Logic Acquisition, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (2 Month USD LIBOR + 4.00% and 3 Month USD LIBOR + 4.00%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.75%) due 10/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,485,522</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,491,093</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AI Convoy Luxembourg SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (2 Month USD LIBOR + 3.50% and 6 Month USD LIBOR + 3.50%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.50%) due 01/18/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,485,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,484,376</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Transcendia Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 05/30/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,744,171</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,453,767</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JetBlue Airways Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (3 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 06/17/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,155,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,180,029</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>47</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Industrial &ndash; 8.3% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TransDigm, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.34% (1 Month USD LIBOR + 2.25%, Rate Floor: 2.25%) due 05/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,088,972</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,073,890</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SLR Consulting Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.20% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">833,100</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">830,612</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.48% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 06/23/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">207,744</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">203,126</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FCG Acquisitions, Inc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.25%) due 03/31/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,026,068</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,025,217</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MI Windows And Doors LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/18/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">997,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">999,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vertical (TK Elevator)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.48% (6 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 07/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">995,006</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">998,180</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Protective Industrial Products, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 12/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">997,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bhi Investments LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.75% (3 Month USD LIBOR + 8.75%, Rate Floor: 9.75%) due 02/28/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">982,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LTI Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/08/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">975,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">961,243</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Duran, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (6 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/29/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">491,140</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">483,773</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (6 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 12/20/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">307,387</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">302,776</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pro Mach Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (2 Month USD LIBOR + 3.50% and 3 Month USD LIBOR + 3.50%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.50%) due 03/07/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">695,617</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">695,186</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BWAY Holding Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.39% (2 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 04/03/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">688,648</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">671,005</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Thermon Group Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 10/30/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">538,952</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">537,605</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CPM Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.61% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 11/17/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">416,972</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">412,698</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Titan Acquisition Ltd. (Husky)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.20% (3 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">294,187</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">288,394</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Park River Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 12/28/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">140,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">139,691</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sundyne (Star US Bidco)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 03/17/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">124,063</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">123,752</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hillman Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">120,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">119,640</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Industrial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">73,269,988</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 5.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Jones Deslauriers Insurance Management, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (3 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 03/12/28<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CAD 4,573,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,800,704</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.00% (3 Month USD LIBOR + 7.50%, Rate Floor: 8.00%) due 03/26/29<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CAD 2,079,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,730,047</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Franchise Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 03/10/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>48 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 66%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 5.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Teneo Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.25% (1 Month USD LIBOR + 5.25%, Rate Floor: 6.25%) due 07/11/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,001,096</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,997,094</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Jefferies Finance LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.13% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 06/03/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,930,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,909,380</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Higginbotham</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% (1 Month USD LIBOR + 5.75%, Rate Floor: 6.50%) due 11/25/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,926,301</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,886,220</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Alter Domus</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (2 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 02/17/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,782,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Orion Advisor Solutions, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 09/24/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,745,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,747,355</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cross Financial Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 09/15/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,095,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,095,625</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AmeriLife Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.11% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 03/18/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,061,765</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,060,438</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 03/18/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">995,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">992,513</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Duff &amp; Phelps</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 04/09/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,985,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,993,516</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PAI Holdco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (2 Month USD LIBOR + 3.75% and 3 Month USD LIBOR + 3.88%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 4.50%) due 10/28/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,850,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,854,052</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HighTower Holding LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.75%) due 04/21/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,720,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,723,767</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nexus Buyer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 11/09/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,678,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,676,349</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aretec Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.34% (1 Month USD LIBOR + 4.25%, Rate Floor: 4.25%) due 10/01/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,661,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,654,821</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NFP Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.34% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 02/15/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,677,915</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,653,653</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Claros Mortgage Trust, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (1 Month USD LIBOR + 5.00%, Rate Floor: 6.00%) due 08/10/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,477,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,481,194</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HUB International Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 04/25/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">987,525</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">987,811</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">USI, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.45% (3 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 12/02/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">592,502</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">587,442</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Situs AMC Holdings Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (1 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">129,730</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">127,297</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">43,941,778</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Communications &ndash; 3.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Syndigo LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (6 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 12/15/27<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,267,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Xplornet Communications, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.84% (1 Month USD LIBOR + 4.75%, Rate Floor: 4.75%) due 06/10/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,623,620</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,628,150</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Trader Interactive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% (3 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 06/17/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,669,742</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,623,022</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>49</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 65%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Communications &ndash; 3.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market Track LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 06/05/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,069,375</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,048,681</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Conterra Ultra Broadband Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.60% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 04/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,965,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,963,782</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cengage Learning Acquisitions, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (2 Month USD LIBOR + 4.25% and 3 Month USD LIBOR + 4.25%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 5.25%) due 06/07/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,819,860</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,817,840</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Titan US Finco LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.20% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 05/01/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,677,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,676,753</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Flight Bidco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.59% (1 Month USD LIBOR + 7.50%, Rate Floor: 7.50%) due 07/23/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,209,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 07/23/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">440,955</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">436,131</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">McGraw Hill LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 11/01/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,355,686</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,359,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Resource Label Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 05/26/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,292,924</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,208,884</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Authentic Brands</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.25%, Rate Floor: 4.00%) due 09/27/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,189,703</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,189,917</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Internet Brands, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 09/13/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,031,112</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,026,101</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Recorded Books, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.11% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/29/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">846,831</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">846,077</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GTT Communications, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.95% (3 Month USD LIBOR + 2.75%, Rate Floor: 2.75%) due 05/30/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">583,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">474,461</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Houghton Mifflin Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.25% (1 Month USD LIBOR + 6.25%, Rate Floor: 7.25%) due 11/22/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">313,618</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">313,176</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Communications</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26,089,139</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Basic Materials &ndash; 2.5%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Barentz Midco BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (3 Month USD LIBOR + 4.50%, Rate Floor: 5.25%) due 11/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,995,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,995,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">DCG Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.59% (1 Month USD LIBOR + 4.50%, Rate Floor: 4.50%) due 09/30/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,973,096</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,968,163</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Invictus MD Strategies Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.09% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%) due 03/28/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,980,640</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,965,369</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PetroChoice Holdings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.00% (2 Month USD LIBOR + 5.00% and 3 Month USD LIBOR + 5.00%,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Rate Floor: 6.00%) due 08/19/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,992,844</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,898,184</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Rock Salt Company LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (1 Month USD LIBOR + 3.50%, Rate Floor: 4.50%) due 03/21/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,877,199</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,876,617</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Illuminate Buyer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.59% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 06/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,820,438</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,808,732</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ascend Performance Materials Operations LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.50%) due 08/27/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,579,269</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,601,237</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>50 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 65%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Basic Materials &ndash; 2.5% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LSF11 Skyscraper HoldCo SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.25% (2 Month USD LIBOR + 3.50%, Rate Floor: 4.25%) due 09/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,555,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Niacet Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (1 Month USD LIBOR + 4.50%, Rate Floor: 5.50%) due 02/01/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,525,069</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,502,193</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pregis TopCo Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 07/31/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,359,520</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,356,121</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GrafTech Finance, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (1 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/12/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,272,109</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,272,109</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NIC Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.50% (3 Month USD LIBOR + 3.75%, Rate Floor: 4.50%) due 12/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,200,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,194,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Niacet BV</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% (1 Month EURIBOR + 4.50%, Rate Floor: 5.50%) due 02/01/24<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 703,547</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">845,218</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Pregis TopCo LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.00%) due 07/31/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vectra Co.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.34% (1 Month USD LIBOR + 3.25%, Rate Floor: 3.25%) due 03/10/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">539,537</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">530,096</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">PQ Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.00% (3 Month USD LIBOR + 3.00%, Rate Floor: 4.00%) due 02/08/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">325,915</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">325,439</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Noranda Aluminum Acquisition Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 02/28/19<SUP>&dagger;&dagger;&dagger;,10</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">468,781</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">197</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Basic Materials</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">22,244,488</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Utilities &ndash; 2.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hamilton Projects Acquiror LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.75% (3 Month USD LIBOR + 4.75%, Rate Floor: 5.75%) due 06/17/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,413,851</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,407,084</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RS Ivy Holdco, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% (1 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 12/23/27<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,890,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,890,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Oregon Clean Energy LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.75% (1 Month USD LIBOR + 3.75%, Rate Floor: 4.75%) due 03/02/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,354,837</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,259,183</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Panda Stonewall</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.50% (3 Month USD LIBOR + 5.50%, Rate Floor: 6.50%) due 11/12/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,784,531</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,670,320</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">UGI Energy Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 08/13/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,621,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,621,125</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Franklin Energy (KAMC Holdings, Inc.)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.14% (3 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 08/14/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,625,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,560,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Panda Hummel</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.84% (1 Month USD LIBOR + 3.75%, Rate Floor: 3.75%) due 04/27/22<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,270,366</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,206,847</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7.00% (1 Month USD LIBOR + 6.00%, Rate Floor: 7.00%) due 10/27/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">178,622</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">170,585</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EIF Channelview Cogeneration LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.25% (1 Month USD LIBOR + 4.25%, Rate Floor: 5.25%) due 05/03/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">390,572</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">390,408</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Utilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">18,176,042</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>51</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>SENIOR FLOATING RATE INTERESTS<SUP>&dagger;&dagger;,5 </SUP>&ndash; 50.0% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Energy &ndash; 0.5%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Venture Global Calcasieu Pass LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.48% (1 Month USD LIBOR + 2.38%, Rate Floor: 2.38%) due 08/19/26<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,600,478</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,405,442</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SeaPort Financing LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.60% (1 Month USD LIBOR + 5.50%, Rate Floor: 5.50%) due 10/31/25<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,461,490</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,446,875</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Permian Production Partners LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9.00% (1 Month USD LIBOR + 1.00%, Rate Floor: 7.00%) (in-kind rate</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">was 2.00%) due 11/24/25<SUP>&dagger;&dagger;&dagger;,11</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">344,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">310,050</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Centurion Pipe</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.09% (1 Month USD LIBOR + 4.00%, Rate Floor: 4.00%) due 09/29/25</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">199,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">197,256</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Energy</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,359,623</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Senior Floating Rate Interests</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $436,045,099)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">439,175,866</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ASSET-BACKED SECURITIES<SUP>&dagger;&dagger; </SUP>&ndash; 15.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateralized Loan Obligations &ndash; 5.6%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LoanCore Issuer Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-CRE2, 1.60% (1 Month USD LIBOR + 1.50%, Rate Floor: 1.50%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 05/15/36<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,754,205</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Lake Shore MM CLO III LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 4.93% (3 Month USD LIBOR + 4.75%, Rate Floor: 4.75%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 10/15/29<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,022,178</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ABPCI Direct Lending Fund CLO I LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021-1A, 4.69% (3 Month USD LIBOR + 4.50%, Rate Floor: 4.50%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 04/20/32<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,002,975</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FDF II Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-2A, 7.70% due 05/12/31<SUP>9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,999,269</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Diamond CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1A, 3.88% (3 Month USD LIBOR + 3.70%, Rate Floor: 3.70%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 07/22/30<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,992,728</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Marathon CRE Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-FL1, 3.10% (1 Month USD LIBOR + 3.00%, Rate Floor: 3.00%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 06/15/28<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,990,203</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Newstar Commercial Loan Funding LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1A, 5.29% (3 Month USD LIBOR + 5.10%, Rate Floor: 0.00%) due 03/20/27<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,002,934</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1A, 3.69% (3 Month USD LIBOR + 3.50%, Rate Floor: 0.00%) due 03/20/27<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,144</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dryden 50 Senior Loan Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-50A, due 07/15/30<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,555,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,237,816</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Marathon CLO V Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-5A, 2.00% (3 Month USD LIBOR + 1.85%) due 11/21/27<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,980,198</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-5A, due 11/21/27<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,566,667</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">248,953</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cerberus Loan Funding XXX, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-3A, 3.83% (3 Month USD LIBOR + 3.65%, Rate Floor: 3.65%) due 01/15/33<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,025,124</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Palmer Square Loan Funding Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021-2A, 5.20% (3 Month USD LIBOR + 5.00%, Rate Floor: 5.00%) due 05/20/29<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,999,869</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>52 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 70%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ASSET-BACKED SECURITIES<SUP>&dagger;&dagger; </SUP>&ndash; 15.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateralized Loan Obligations &ndash; 5.6% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hunt CRE Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-FL1, 3.40% (1 Month USD LIBOR + 3.30%, Rate Floor: 0.00%) due 08/15/34<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,800,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,793,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Cerberus Loan Funding XXVI, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021-1A, due 04/15/31<SUP>5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Monroe Capital CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1A, 3.78% (3 Month USD LIBOR + 3.60%, Rate Floor: 0.00%) due 10/22/26<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,746,335</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treman Park CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-1A, due 10/20/28<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,572,936</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Golub Capital Partners CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-16A, 3.21% (3 Month USD LIBOR + 3.00%, Rate Floor: 0.00%) due 07/25/29<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,501,782</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NewStar Clarendon Fund CLO LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-1A, 4.53% (3 Month USD LIBOR + 4.35%, Rate Floor: 0.00%) due 01/25/27<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,499,782</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dryden Senior Loan Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 01/15/31<SUP>12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,998,799</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,384,705</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Carlyle Global Market Strategies CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2012-3A, due 01/14/32<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,076,702</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MMCF CLO LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-2A, 2.58% (3 Month USD LIBOR + 2.40%) due 04/15/29<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">950,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">949,989</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Voya CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1A, due 10/15/30<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">946,398</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dryden 41 Senior Loan Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-41A, due 04/15/31<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$609,172</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">First Eagle Clarendon Fund CLO LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1A, 3.23% (3 Month USD LIBOR + 3.05%, Rate Floor: 0.00%) due 01/25/27<SUP>1,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">550,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">550,113</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KVK CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1A, due 01/14/28<SUP>1,7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">527,822</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Venture XIII CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-13A, due 09/10/29<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">524,540</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Dryden 37 Senior Loan Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-37A, due 01/15/31<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,050,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">484,841</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Great Lakes CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2014-1A, due 10/15/29<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,153,846</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">476,963</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Avery Point II CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-3X COM, due 01/18/25<SUP>12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">966,486</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">321,345</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Babson CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2014-IA, due 07/20/25<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">305,700</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">A10 Permanent Asset Financing LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-II, 6.24% (WAC) due 06/15/51<SUP>&dagger;&dagger;&dagger;,5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">268,590</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Atlas Senior Loan Fund IX Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-9A, due 04/20/28<SUP>1,7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">261,864</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>53</SUP></P>






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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 70%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ASSET-BACKED SECURITIES<SUP>&dagger;&dagger; </SUP>&ndash; 15.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateralized Loan Obligations &ndash; 5.6% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">West CLO Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1A, due 11/07/25<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,350,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 48,195</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">OHA Credit Partners IX Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-9A, due 10/20/25<SUP>7,12</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">602,740</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">723</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Collateralized Loan Obligations</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">49,108,593</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Transport-Aircraft &ndash; 4.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Castlelake Aircraft Securitization Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1, 5.93% due 07/15/42</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,819,041</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,790,261</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1, 4.13% due 06/15/43<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,364,876</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,361,502</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-1, 4.45% due 08/15/41</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,905,398</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,906,768</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1A, 3.97% due 04/15/39<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,575,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,579,329</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 12/31/30<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,054,105</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">244,410</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">AASET Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-2, 4.46% due 10/16/39<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,524,131</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,979,641</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 4.34% due 01/16/40<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,959,012</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,626,617</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.84% due 05/15/39<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,273,635</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,264,920</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GAIA Aviation Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.97% due 12/15/44<SUP>1,7,13</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,828,422</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,830,561</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WAVE LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.60% due 09/15/44<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,510,083</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,504,228</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Falcon Aerospace Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.60% due 09/15/39<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,273,008</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,287,741</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1, 6.30% due 02/15/42<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">900,656</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">879,266</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Castlelake Aircraft Structured Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021-1A, 6.66% due 01/15/46<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,783,916</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,865,529</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JOL Air Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.97% due 04/15/44<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,843,943</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,846,708</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sapphire Aviation Finance II Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 4.34% due 03/15/40<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,870,268</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,639,045</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">KDAC Aviation Finance Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1A, 4.21% due 12/15/42<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,507,522</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,464,371</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MAPS Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1A, 4.46% due 03/15/44<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,300,558</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,308,652</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sapphire Aviation Finance I Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1A, 4.25% due 03/15/40<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">822,304</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">806,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Stripes Aircraft Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1 A1, 3.62% (1 Month USD LIBOR + 3.50%, Rate Floor: 3.50%) due 03/20/23<SUP>&dagger;&dagger;&dagger;,5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">574,172</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">552,116</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Turbine Engines Securitization Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1A, 6.38% due 12/13/48<SUP>9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">455,390</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">315,774</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Airplanes Pass Through Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2001-1A, due 03/15/19<SUP>&dagger;&dagger;&dagger;,5,9,10</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,677,317</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">668</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Transport-Aircraft</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">36,054,357</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>54 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ASSET-BACKED SECURITIES<SUP>&dagger;&dagger; </SUP>&ndash; 15.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial &ndash; 1.8%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Aesf Vi Verdi, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.15% (3 Month EURIBOR + 2.15%, Rate Floor: 2.15%) due 11/25/24<SUP>&dagger;&dagger;&dagger;,5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR 7,846,899</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 9,558,502</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ceamer Finance LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.69% due 03/22/31<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,918,109</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Nassau LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1, 3.98% due 08/15/34<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,749,985</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,776,241</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">NCBJ</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-1A, 5.88% due 07/08/22<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">416,948</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">425,569</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15,678,421</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Whole Business &ndash; 1.6%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Applebee&rsquo;s Funding LLC / IHOP Funding LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-1A, 4.19% due 06/07/49<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,412,750</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,626,682</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TSGE</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1, 6.25% due 09/25/31<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,174,763</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Taco Bell Funding LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1A, 4.32% due 11/25/48<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">975,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">983,902</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Whole Business</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,785,347</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Infrastructure &ndash; 1.3%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">VB-S1 Issuer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 6.66% due 06/15/50<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,867,274</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Diamond Issuer LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 5.93% due 07/20/50<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,707,717</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Secured Tenant Site Contract Revenue Notes Series</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1A, 5.92% due 06/15/48<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,893,683</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,875,480</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Infrastructure</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,450,471</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Lease &ndash; 0.3%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CARS-DB4, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-1A, 4.95% due 02/15/50<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,763,727</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Diversified Payment Rights &ndash; 0.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bib Merchant Voucher Receivables Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.18% due 04/07/28<SUP>&dagger;&dagger;&dagger;</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,100,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,180,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateralized Debt Obligations &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Anchorage Credit Funding 4 Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021-4A, 3.52% due 04/27/39<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">990,101</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Automotive &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hertz Vehicle Financing II, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019-3A, 2.67% due 12/26/25<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">231,879</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">232,589</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017-1A, 2.96% due 10/25/21<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">227,477</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">228,548</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-1A, 3.29% due 02/25/24<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,398</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,789</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>55</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ASSET-BACKED SECURITIES<SUP>&dagger;&dagger; </SUP>&ndash; 15.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Automotive &ndash; 0.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hertz Vehicle Financing LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-2A, 2.95% due 03/25/22<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">166,460</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 166,981</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018-2A, 3.65% due 06/27/22<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">28,586</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">28,729</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Automotive</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">770,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Insurance &ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CBC Insurance Revenue Securitization LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-1, 5.25% due 07/15/46<SUP>1,9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">318,712</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">291,982</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Transport-Rail &ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Trinity Rail Leasing, LP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2009-1A, 6.66% due 11/16/39<SUP>1,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">144,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">159,008</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Asset-Backed Securities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $135,398,793)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">132,232,719</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>COLLATERALIZED MORTGAGE OBLIGATIONS<SUP>&dagger;&dagger; </SUP>&ndash; 11.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Government Agency &ndash; 7.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Uniform MBS 30 Year</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 07/01/22<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">61,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">63,173,205</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Residential Mortgage-Backed Securities &ndash; 2.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Lehman XS Trust Series</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-18N, 0.27% (1 Month USD LIBOR + 0.18%, Rate Floor: 0.18%) due 12/25/36<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,315,847</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,405,884</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-16N, 0.30% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%) due 11/25/46<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,566,854</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,565,524</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">WaMu Asset-Backed Certificates WaMu Series</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-HE4, 0.26% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%) due 07/25/47<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,923,878</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,617,732</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-HE4, 0.34% (1 Month USD LIBOR + 0.25%, Rate Floor: 0.25%) due 07/25/47<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,148,405</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">866,548</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-HE2, 0.28% (1 Month USD LIBOR + 0.19%, Rate Floor: 0.19%) due 04/25/37<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,519,656</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">748,017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Home Equity Mortgage Loan Asset-Backed Trust Series INABS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-E, 0.30% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 04/25/37<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,857,697</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,366,439</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Argent Securities Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-W5, 0.39% (1 Month USD LIBOR + 0.30%, Rate Floor: 0.30%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 06/25/36<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,598,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,041,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GSAA Home Equity Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-16, 0.43% (1 Month USD LIBOR + 0.34%, Rate Floor: 0.34%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 10/25/36<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,436,004</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,734,170</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">American Home Mortgage Assets Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-6, 0.30% (1 Month USD LIBOR + 0.21%, Rate Floor: 0.21%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 12/25/46<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,939,591</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,659,443</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Morgan Stanley IXIS Real Estate Capital Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2006-2, 0.31% (1 Month USD LIBOR + 0.22%, Rate Floor: 0.22%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 11/25/36<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,002,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,382,409</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>56 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>COLLATERALIZED MORTGAGE OBLIGATIONS<SUP>&dagger;&dagger; </SUP>&ndash; 11.2% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Residential Mortgage-Backed Securities &ndash; 2.1% (continued)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GSAA Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-3, 0.26% (1 Month USD LIBOR + 0.17%, Rate Floor: 0.17%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 03/25/47<SUP>5</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,647,704</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 659,369</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Residential Mortgage-Backed Securities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">18,047,348</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Military Housing &ndash; 1.7%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Freddie Mac Military Housing Bonds Resecuritization Trust Certificates</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-R1, 5.49% (WAC) due 11/25/52<SUP>5,9</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,598,213</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,620,133</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-R1, 1.94% (WAC) due 11/25/55<SUP>5,7,14</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41,340,830</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,696,919</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-R1, 0.65% (WAC) due 11/25/52<SUP>5,7,14</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">33,731,105</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,875,898</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GMAC Commercial Mortgage Asset Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2004-POKA, 6.36% due 09/10/44<SUP>&dagger;&dagger;&dagger;,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,473,052</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Capmark Military Housing Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-AETC, 5.75% due 02/10/52<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,560,177</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,633,288</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2007-AET2, 6.06% due 10/10/52<SUP>7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">468,088</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">492,825</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Military Housing</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">14,792,115</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Commercial Mortgage-Backed Securities &ndash; 0.2%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GS Mortgage Securities Corporation Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020-DUNE, 2.62% (1 Month USD LIBOR + 2.50%, Rate Floor: 2.50%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 12/15/36<SUP>5,7</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,883,512</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Collateralized Mortgage Obligations</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $99,232,635)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">97,896,180</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>U.S. TREASURY BILLS<SUP>&dagger;&dagger; </SUP>&ndash; 1.9%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">U.S. Treasury Bills</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.03% due 06/03/21<SUP>1,15</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,999,997</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.03% due 09/16/21<SUP>1,15</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,999,911</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.01% due 06/24/21<SUP>1,15</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,600,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,599,997</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 19pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.03% due 09/09/21<SUP>1,15</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">999,965</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total U.S. Treasury Bills</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $16,599,635)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,599,870</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>MUNICIPAL BONDS<SUP>&dagger;&dagger; </SUP>&ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Oklahoma &ndash; 0.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Oklahoma Development Finance Authority Revenue Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.45% due 08/15/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">400,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">446,412</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Municipal Bonds</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $400,000)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">446,412</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT </SUP>l <SUP>57</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Notional</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>OTC OPTIONS PURCHASED<SUP>&dagger;&dagger; </SUP>&ndash; 0.4%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Call options on:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A. 2Y-10 CMS CAP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring July 2022 with strike price of $0.40</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">295,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,483,473</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America, N.A. 2Y-10 CMS CAP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring July 2022 with strike price of $0.61</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">99,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">644,490</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America, N.A. 2Y-10 CMS CAP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring July 2022 with strike price of $0.40</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">42,050</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total OTC Options Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $844,140)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Investments &ndash; 150.1%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Cost $1,283,815,686)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,317,063,101</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount~</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>COLLATERALIZED MORTGAGE OBLIGATIONS SOLD SHORT<SUP>&dagger;&dagger; </SUP>&ndash; (7.4)%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Government Agency &ndash; (7.4)%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Uniform MBS 30 Year</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.50% due 07/14/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">61,150,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(64,583,695)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Collateralized Mortgage Obligations Sold Short</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Proceeds $64,648,558)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(64,583,695)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Contracts</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>LISTED OPTIONS WRITTEN<SUP>&dagger; </SUP>&ndash; (0.1)%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Call options on:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Gores Holdings VI, Inc. &ndash; Class A<SUP>16</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-indent: 25.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring March 2022 with strike price of $15.00 (Notional Value $534,390)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">379</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (123,175)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">S&amp;P 500 Index</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Expiring June 2021 with strike price of $4,185.00 (Notional Value $62,641,239)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">149</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(883,570)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Listed Options Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Premiums received $1,100,473)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,006,745)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>OTC OPTIONS WRITTEN<SUP>&dagger; </SUP>&ndash; 0.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Call options on:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A. Pershing Square Tontine Holdings Ltd. Expiring December 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">with strike price of $40.00 (Notional Value $102,992)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7,380)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A. Pershing Square Tontine Holdings Ltd. Expiring December 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">with strike price of $30.00 (Notional Value $70,336)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,470)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total OTC Options Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Premiums received $41,552)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(15,850)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Other Assets &amp; Liabilities, net &ndash; (42.6)%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(373,415,397)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Net Assets &ndash; 100.0%</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 878,041,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>58 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="14" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="14" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>FUTURES CONTRACTS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Number of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Notional</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Description</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Contracts</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Expiration Date</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="14" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>EQUITY FUTURES CONTRACTS PURCHASED<SUP>&dagger;</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">S&amp;P 500 Index Mini Futures Contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">298</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Jun 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$62,628,425</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,750,876</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="14" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CENTRALLY CLEARED INTEREST RATE SWAP AGREEMENTS<SUP>&dagger;&dagger;</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Floating </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Floating</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Upfront</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 13.5pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Fixed Payment Maturity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Notional</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Premiums</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Counterparty Exchange</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Exchange</B></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><B>T</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ype</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Index</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate Frequency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Date</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Paid Depreciation**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">J.P. Morgan</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3-Month</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">USD</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CME</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Receive LIBOR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.58% Quarterly</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/28/31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">$18,760,000
    </FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(60,713)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$57,195</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(117,908)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD COLSPAN="12" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS<SUP>&dagger;&dagger;</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 3%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 28%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 7%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value at</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Settlement</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May
    31,</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Counterparty</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Contracts
    to Sell</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Date<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Settlement<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2021</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Depreciation)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11,240,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BRL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/01/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,716,438</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,152,053</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 564,385</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Goldman Sachs International</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,700,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BRL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/01/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,335,364</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,091,343</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">244,021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JPMorgan Chase Bank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BRL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/01/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">712,674</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">574,391</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">138,283</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,753,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CAD</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/17/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,584,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,591,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,687)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,372,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/17/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,771,334</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,785,259</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(13,925)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Barclays Bank plc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13,370,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/17/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,260,202</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,311,633</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(51,431)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Goldman Sachs International</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,707,550</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ILS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/31/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,691,893</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,765,475</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(73,582)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,978,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/30/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,603,036</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,956,090</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(353,054)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 448,010</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="12" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value at</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Settlement</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Settlement</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May 31,</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Counterparty</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Contracts to Buy</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Date</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Depreciation)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Goldman Sachs International</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,707,550</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ILS</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/31/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,554,802</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,765,476</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 210,674</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">JPMorgan Chase Bank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/30/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,218,896</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,220,326</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,430</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">EUR</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/17/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">305,555</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">305,004</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(551)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank, N.A.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">19,940,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BRL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/01/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,831,369</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,817,786</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(13,583)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 197,970</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>~</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>The
    face amount is denominated in U.S. dollars unless otherwise indicated.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>*</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Non-income
    producing security.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>**</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Includes
    cumulative appreciation (depreciation). Variation margin is reported within the Statement of</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Assets
    and Liabilities.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&dagger;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Value
    determined based on Level 1 inputs, unless otherwise noted &mdash; See Note 6.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&dagger;&dagger;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Value
    determined based on Level 2 inputs, unless otherwise noted &mdash; See Note 6.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  </TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>59</SUP></P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; font: 9pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 3%; padding: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="width: 97%; padding: 0.75pt"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&dagger;&dagger;&dagger;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Value
    determined based on Level 3 inputs &mdash; See Note 6.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>1</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>All
    or a portion of these securities have been physically segregated in connection with futures contracts,</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>options,
    borrowings, reverse repurchase agreements and unfunded loan commitments. As of May 31, 2021,</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>the
    total value of segregated securities was $433,514,389.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>2</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Affiliated
    issuer.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>3</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>4</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Rate
    indicated is the 7-day yield as of May 31, 2021.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>5</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Variable
    rate security. Rate indicated is the rate effective at May 31, 2021. In some instances, the effective</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>rate
    is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>status
    of a position may also impact the effective rate indicated. In some cases, a position may be unsettled</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>at
    period end and may not have a stated effective rate. In instances where multiple underlying reference</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>rates
    and spread amounts are shown, the effective rate is based on a weighted average.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>6</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Variable
    rate security. Rate indicated is the rate effective at May 31, 2021. The rate is linked to the volatility-</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>adjusted
    performance of the series 1 securities due 2069 of the underlying company, Alphas Managed</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Accounts
    Platform LXXIX Limited.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>7</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>guidelines
    established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>is
    $379,589,586 (cost $367,751,415), or 43.2% of total net assets.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>8</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Perpetual
    maturity.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>9</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>restricted
    under guidelines established by the Board of Trustees. The total market value of 144A or Section</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>4(a)(2)
    illiquid and restricted securities is $8,761,124 (cost $15,950,322), or 1.0% of total net assets &mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>See
    Note 12.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>10</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    is in default of interest and/or principal obligations.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>11</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Payment-in-kind
    security.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>12</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    has no stated coupon. However, it is expected to receive residual cash flow payments on defined</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>deal
    dates.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>13</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    is a step down bond, with 3.97% coupon rate until November 14, 2026. Future rate will be 2.00%</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>commencing
    on November 15, 2026.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>14</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Security
    is an interest-only strip.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>15</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Rate
    indicated is the effective yield at the time of purchase.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>16</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Special
    Purpose Acquisition Company (SPAC)</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></I></TD></TR>
  </TABLE>
<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>See notes to financial statements.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>60 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>




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

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

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  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 7%; padding: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="width: 7%; padding: 0.75pt"><I>&nbsp;</I></TD>
    <TD STYLE="width: 93%; padding: 0.75pt"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>BofA</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Bank
    of America</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>BRL</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Brazilian
    Real</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>CAD</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Canadian
    Dollar</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>CME</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Chicago
    Mercantile Exchange</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>CMS</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Constant
    Maturity Swap</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>EURIBOR
    &mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>European
    Interbank Offered Rate</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>EUR</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Euro</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>GBP</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>British
    Pound</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>ILS</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Israeli
    New Shekel</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>LIBOR
    </I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>London
    Interbank Offered Rate</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>plc</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Public
    Limited Company</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>PPV</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Public-Private
    Venture</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>SARL</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Soci&eacute;t&eacute;
    &agrave; Responsabilit&eacute; Limit&eacute;e</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>WAC</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>&mdash;</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Weighted
    Average Coupon</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></I></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">See Sector Classification in Other Information section.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Country Diversification</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Long-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Country</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United States</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91.4%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cayman Islands</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.5%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Canada</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.5%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United Kingdom</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.8%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ireland</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.7%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Australia</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.4%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.4%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Long-Term Investments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>61</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table summarizes the inputs used to value the Fund's
investments at May 31, 2021 (See Note 6 in the Notes to Financial Statements):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 2</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 3</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Significant</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Significant</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Investments in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 1</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Observable</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unobservable</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Securities (Assets)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Quoted Prices</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inputs</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inputs</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 52,682,853</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,090,372</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,408,510</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 55,181,735</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Preferred Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,402,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">39,657,048</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">761,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">43,820,528</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Warrants</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,085,306</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,085,306</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Closed-End Funds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41,466,613</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41,466,613</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Money Market Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,576,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10,576,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">435,659,051</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">38,752,769</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">474,411,820</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">371,314,497</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">67,861,369</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">439,175,866</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset-Backed Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">110,909,916</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,322,803</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">132,232,719</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Collateralized Mortgage Obligations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">93,423,128</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,473,052</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">97,896,180</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">U.S. Treasury Bills</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,599,870</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">16,599,870</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Municipal Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">446,412</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">446,412</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Options Purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Equity Futures Contracts*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,750,876</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,750,876</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward Foreign Currency Exchange Contracts*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total Assets</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$113,963,927</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,073,429,100</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$134,579,743</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,321,972,770</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="5" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 42%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 18%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 2</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 3</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Significant</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Significant</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Investments in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Level 1</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Observable</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unobservable</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Securities (Liabilities)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Quoted Prices</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inputs</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inputs</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Collateralized Mortgage Obligations Sold Short</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 64,583,695</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 64,583,695</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Options Written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,022,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,022,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Interest Rate Swap Agreements*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">117,908</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">117,908</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward Foreign Currency Exchange Contracts*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Unfunded Loan Commitments (Note 11)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">851,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">851,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total Liabilities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,022,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 65,214,416</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 851,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 67,088,610</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">This derivative is reported as unrealized appreciation/depreciation at period end.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>62 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please refer to the detailed Schedule of Investments for a breakdown
of investment type by industry category.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 $335,327,511
are categorized as Level 2 within the disclosure hierarchy &mdash; See Note 7.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ending Balance</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Valuation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unobservable</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Input</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Weighted</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="padding: 0.75pt 0.75pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Category</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>at May 31, 2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Technique</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Inputs</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Range</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 24%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 29%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 7%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset-Backed Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 16,851,910</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield Analysis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.3%-13.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.0%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset-Backed Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,470,893</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Option Adjusted Spread off the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Broker Quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">prior month end broker quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Collateralized Mortgage</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,473,052</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Option Adjusted Spread off the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Broker Quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Obligations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">prior month end broker quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">748,692</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Third Party Pricing</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Broker Quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">341,710</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchase Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">204,552</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Enterprise Value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Valuation Multiple</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.7x-17.6x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11.8x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">113,556</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Liquidation Value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">29,944,838</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Option Adjusted Spread off the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Broker Quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">prior month end broker quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,774,579</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Third Party Pricing</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vendor Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,059,632</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield Analysis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.1%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">973,720</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchase Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Preferred Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">761,240</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchase Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">39,874,367</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Third Party Pricing</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Broker Quote</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">20,738,730</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield Analysis</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yield</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.7%-8.1%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.7%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,369,359</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market Comparable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.9%-10.3%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.9%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Yields</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Senior Floating Rate Interests</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,878,913</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchase Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total Assets</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$134,579,743</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Unfunded Loan Commitments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$851,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Model Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchase Price</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 1pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inputs are weighted by the fair value of the instruments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Significant changes in a quote, yield, market comparable yields,
liquidation value or valuation multiple would generally result in significant changes in the fair value of the security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Transfers between Level 2 and Level 3 may occur as markets fluctuate
and/or the availability of data used in an investment&rsquo;s valuation changes. For the year ended May 31, 2021, the Fund had securities
with a total value of $7,898,523 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total
value of $25,008,465 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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>63</SUP></P>







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

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

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  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Summary of Fair Value Level 3 Activity</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Following is a reconciliation of Level 3 assets for which significant
unobservable inputs were used to determine fair value for the year ended May 31, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 8in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 7%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Senior</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Senior</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unfunded</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateralized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Floating</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Fixed</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Loan</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Asset-Backed</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Mortgage</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Corporate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Common</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Preferred</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Commit-</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Securities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Obligations</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Bonds</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interests</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Stocks</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Stocks</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interests</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>ments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Beginning</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Balance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$21,167,927</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$4,210,076 $ 7,533,032</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$58,004,230</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,179,186</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash; $ 584,338</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$92,678,789</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (266,911)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Purchases/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Receipts)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,920,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">35,773,770</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">45,420,376</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,791,392</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">719,724</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">253,127</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">87,878,389</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,775,506)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(Sales, maturities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">and paydowns)/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fundings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5,301,791)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(6,604,441)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(24,596,664)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(405,003)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(250,876)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(37,158,775)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">684,504</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Amortization of</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">premiums/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">discounts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">449,563</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(8,010)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,277</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">650,474</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">9,185</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,106,489</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,631</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total realized</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">gains (losses)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">included in</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">earnings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">150,293</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">320,305</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,503,194)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(193,744)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,226,340)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">169,653</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total change in</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">unrealized</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">appreciation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(depreciation)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">included</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">in earnings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">936,811</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">270,986</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,870,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,695,452</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(748,476)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41,516</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">344,051</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,411,133</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">328,030</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Transfers into</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Level 3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">973,720</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,273,107</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">651,696</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,898,523</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Transfers out of</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Level 3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1,119,687)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(22,082,412)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(866,541)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(939,825)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(25,008,465)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ending Balance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$21,322,803</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$4,473,052 $38,752,769</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$67,861,369</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,408,510</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$761,240</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$134,579,743</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(851,599)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net change in</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">unrealized</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">appreciation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(depreciation)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">for investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">in Level 3 securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">still held at</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 936,811</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$
270,986 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$</FONT><FONT STYLE="font-size: 8pt">809,564<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,337,143</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (948,159)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 41,516</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,447,861</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 276,539</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>64 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>






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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 69%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SCHEDULE OF INVESTMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Affiliated Transactions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Transactions during the year ended May 31, 2021, in which the company
is an affiliated issuer, were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 26%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Change in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Realized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gain</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Shares</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Security Name</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>05/31/20</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Additions</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Reductions</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Loss)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Depreciation)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>05/31/21</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>05/31/21</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Common Stocks</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BP Holdco LLC*<SUP>,1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 16,061</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,358</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19,419</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,076</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Targus Group</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">International Equity, Inc.*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">23,091</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,099</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30,190</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12,989</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 39,152</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 10,457</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 49,609</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Non-income producing security.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>65</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 82%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STATEMENT OF ASSETS AND LIABILITIES</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ASSETS:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in unaffiliated issuers, at value (cost $1,283,790,410)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 1,317,013,492</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in affiliated issuers, at value (cost $25,276)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,609</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,004,946</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Restricted cash</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">768,724</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized appreciation on forward foreign currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unamortized upfront premiums paid on interest rate swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,195</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepaid expenses</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49,824</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Receivables:</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments
    sold</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,406,602</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,422,444</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund
    shares sold</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,828,711</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224,376</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation
    margin on futures contracts</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63,325</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap
    settlement</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,800</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total
    assets</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,432,081,841</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LIABILITIES:</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reverse
    repurchase agreements (Note 7)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">335,327,511</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Borrowings
    (Note 8)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,500,690</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unfunded
    loan commitments, at value (Note 11) (commitment fees received $1,450,845)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">851,599</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities
    sold short, at value (proceeds $64,648,558)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,583,695</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options
    written, at value (proceeds $1,142,025)</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,022,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized depreciation on forward foreign currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest due on borrowings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48,568</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Segregated cash due to broker</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,290,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payable for:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107,561,020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment advisory fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,076,922</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offering costs</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">963,376</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professional fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144,531</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Variation margin on interest rate swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,473</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustees&rsquo; fees and expenses*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,326</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other liabilities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124,308</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">554,040,427</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET ASSETS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 878,041,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET ASSETS CONSIST OF:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common stock, $0.01 par value per share; unlimited number of shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorized, 51,503,912 shares issued and outstanding</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 515,039</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional paid-in capital</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">865,527,739</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total distributable earnings (loss)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,998,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET ASSETS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 878,041,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding ($0.01 par value with unlimited amount authorized)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51,503,912</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net asset value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 17.05</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Relates to Trustees not deemed &ldquo;interested persons&rdquo;
within the meaning of Section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>66 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 68%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STATEMENT OF OPERATIONS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVESTMENT INCOME:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest from securities of unaffiliated issuers</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 53,939,941</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dividends from securities of unaffiliated issuers</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,845,048</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total investment income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57,784,989</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EXPENSES:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investment advisory fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,420,715</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest expense</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,153,731</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Professional fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">589,764</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administration fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191,569</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fund accounting fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">184,622</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Trustees&rsquo; fees and expenses*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138,700</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Printing fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114,767</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custodian fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,398</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registration and filing fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65,700</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,519</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfer agent fees</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,162</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Miscellaneous</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15,248</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total expenses</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,022,895</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43,762,094</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET REALIZED AND UNREALIZED GAIN (LOSS):</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss) on:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in unaffiliated issuers</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,345,391)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,055,773</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Futures contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,723,410</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,522,480</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8,554,201)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward foreign currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(357,428)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency transactions</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">168,618</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,213,261</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized appreciation (depreciation) on:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in unaffiliated issuers</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,301,485</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments in affiliated issuers</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,457</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investments sold short</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64,863</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,546,917)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Futures contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,518,400)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,080,453</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,062,758</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Forward foreign currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,334,867)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt">&#8239;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency translations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(299,855)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized appreciation (depreciation)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,819,977</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114,033,238</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase in net assets resulting from operations</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 157,795,332</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Relates to Trustees not deemed &ldquo;interested persons&rdquo;
within the meaning of Section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>67</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 62%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STATEMENTS OF CHANGES IN NET ASSETS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">May 31, 2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 43,762,094</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 34,897,661</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss) on investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,213,261</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(27,046,942)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized appreciation (depreciation)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89,819,977</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(36,185,853)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157,795,332</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(28,335,134)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DISTRIBUTIONS:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions to shareholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(44,994,676)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(33,846,511)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Return of capital</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(56,227,228)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(52,158,126)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total distributions</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(101,221,904)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(86,004,637)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>SHAREHOLDER TRANSACTIONS:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from shares issued through at-the-market offering</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">161,999,252</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112,581,936</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinvestments of distributions</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,166,994</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,101,002</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common shares offering cost charged to paid-in-capital</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(590,331)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(275,710)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase in net assets resulting from shareholder transactions</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">172,575,915</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121,407,228</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase in net assets</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229,149,343</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,067,457</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET ASSETS:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beginning of period</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">648,892,071</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">641,824,614</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">End of period</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 878,041,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 648,892,071</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>68 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 80%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STATEMENT OF CASH FLOWS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">For the Year Ended May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Flows from Operating Activities:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase in net assets resulting from operations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 157,795,332</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Adjustments to Reconcile Net Increase in Net Assets Resulting from Operations to</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Cash Used in Operating and Investing Activities:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized (appreciation) depreciation on investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(94,376,805)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized (appreciation) depreciation on options purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,080,453)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized (appreciation) depreciation on options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,062,758)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized (appreciation) depreciation on OTC swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">898,744</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in unrealized (appreciation) depreciation on forward foreign</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 30pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,334,867</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized loss on investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,345,391</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain on options purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,522,480)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized loss on options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,554,201</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Purchase of long-term investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,102,294,732)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from sale of long-term investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">641,151,062</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net proceeds from sale of short-term investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21,714,145</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net accretion of bond discount and amortization of bond premium</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(9,232,202)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate actions and other payments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219,570</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Premiums received on options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,583,951</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cost of closing options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,431,299)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commitment fees received and repayments of unfunded commitments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,109,459</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in upfront premiums received liability</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,370,583)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in interest receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,881,522)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in dividends receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(158,585)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in investments sold receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(92,791,033)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in swap settlement receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123,078</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in variation margin on futures contracts receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,525)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in variation margin on credit default swap agreements receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100,596</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in protection fees on credit default swap agreements receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406,580</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in prepaid expenses</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(17,005)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in tax reclaims receivable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,940</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in investments purchased payable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95,669,083</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in interest due on borrowings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,794</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in professional fees payable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(22,244)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Decrease in segregated cash due to broker</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(560,000)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in investment advisory fees payable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">478,100</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in variation margin on interest rate swap agreements payable</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,473</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in trustees&rsquo; fees and expenses payable*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,429</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase in other liabilities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,182</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Cash Used in Operating and Investing Activities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ (388,285,249)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>69</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 77%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STATEMENT OF CASH FLOWS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">For the Year Ended May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash Flows From Financing Activities:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distributions to common shareholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(90,054,910)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from the issuance of common shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">161,509,527</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from borrowings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,300,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments made on borrowings</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,099,310)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from reverse repurchase agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,381,962,147</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments made on reverse repurchase agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,089,080,458)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; text-indent: -10pt; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 22pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Offering costs in connection with the issuance of common shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(11,996)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 30pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Cash Provided by Financing Activities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383,525,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net decrease in cash</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,760,249)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash at Beginning of Year (including restricted cash)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,533,919</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash at End of Year (including restricted cash)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 2,773,670</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Supplemental Disclosure of Cash Flow Information:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash paid during the year for interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 1,785,632</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Supplemental Disclosure of Cash Financing Activity: Dividend reinvestment</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 11,166,994</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Relates to Trustees not deemed &ldquo;interested persons&rdquo;
within the meaning of Section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0 12pt"><SUP>70 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 58%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FINANCIAL HIGHLIGHTS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 8in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 46%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year
Ended</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Per Share Data:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net asset value, beginning of period</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 15.29</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 17.91</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19.78</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 17.50</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income from investment operations:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment income<SUP>(a)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.95</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.89</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.97</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.61</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net gain (loss) on investments (realized and unrealized)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.00</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.32)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.01</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.30</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.86</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total from investment operations</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3.95</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.43)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.98</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.53</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.47</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Less distributions from:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.97)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.86)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.12)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.01)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.18)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Capital gains</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.16)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.18)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.01)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Return of capital</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.22)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1.33)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.91)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total distributions to shareholders</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.19)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net asset value, end of period</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 17.05</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 15.29</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 17.91</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19.12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19.78</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market value, end of period</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 20.90</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 16.20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19.96</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 21.29</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 20.94</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Return<SUP>(b)</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net asset value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">27.20%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2.79%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.43%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.02%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">26.76%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Market value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">45.59%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 19.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7.96%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.94%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.31%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">33.33%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ratios/Supplemental Data:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net assets, end of period (in thousands)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 878,041</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 648,892</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 641,825</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 530,250</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 410,465</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ratio to average net assets of:</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net investment income, including interest expense</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.72%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 21.65pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.29%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.26%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.27%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8.55%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total expenses, including interest expense<SUP>(c)(d)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.83%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.21%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.17%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.52%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.35%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Portfolio turnover rate</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">64%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">38%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">48%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">41%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l<SUP> GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT </SUP>l <SUP>71</SUP></P>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 62%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 38%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FINANCIAL HIGHLIGHTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 8in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year Ended</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Year
Ended</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2019</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Senior Indebtedness</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total Borrowings outstanding (in thousands)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 38,501</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 19,300</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 16,705</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Asset Coverage per $1,000 of indebtedness<SUP>(e)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 23,806</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 34,621</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">N/A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 25,571</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Based on average shares outstanding.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">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 (&ldquo;NAV&rdquo;) 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&rsquo;s Dividend Reinvestment Plan for market value returns. Total returns does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">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 0.09%, 0.08%, 0.00%*, 0.00%* and 0.00%* for the years ended May 31, 2021, 2020, 2019, 2018 and 2017, respectively.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Excluding interest expense, the operating expense ratios for the years ended May 31, would be:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 24%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2020</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2019</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2018</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2017</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.55%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.17%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.15%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.33%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1.62%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Calculated by subtracting the Fund&rsquo;s total liabilities (not including the borrowings) from the Fund&rsquo;s total assets and dividing by the borrowings.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Less than 0.01%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>See notes to financial statements.</I></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>72 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>









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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 1 &ndash; <B>Organization</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Strategic Opportunities Fund (the &ldquo;Fund&rdquo;)
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 &ldquo;1940 Act&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s investment objective is to maximize total return
through a combination of current income and capital appreciation.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 2 &ndash; <B>Significant Accounting
Policies</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund operates as an investment company and, accordingly, follows
the investment company accounting and reporting guidance of the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards
Codification Topic 946 Financial Services &ndash; Investment Companies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following significant accounting policies are in conformity
with U.S. generally accepted accounting principles (&ldquo;U.S. GAAP&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(a) Valuation of Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Board of Trustees of the Fund (the &ldquo;Board&rdquo;) has
adopted policies and procedures for the valuation of the Fund's investments (the &ldquo;Valuation Procedures&rdquo;). Pursuant to the
Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim&rsquo;s investment
management, fund administration, legal and compliance departments (the &ldquo;Valuation Committee&rdquo;), the day-to-day responsibility
for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the
Fund's securities and/or other assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Valuations of the Fund's securities and other assets are supplied
primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes
monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund's
officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures,
regularly review procedures used and valuations provided by the pricing services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Equity securities listed or traded on a recognized U.S. securities
exchange or the National Association of Securities Dealers Automated Quotations (&ldquo;NASDAQ&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>73</SUP></P>





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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Open-end investment companies are valued at their net asset value
(&ldquo;NAV&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&quot;NYSE&quot;). 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 (&ldquo;GFIA&rdquo; or the &ldquo;Adviser&rdquo;) are
authorized to use prices and other information supplied by a third party pricing vendor in valuing foreign securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Repurchase agreements are valued at amortized cost, provided such
amounts approximate market value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&ldquo;OTC&rdquo;) options are valued using a price provided
by a pricing service.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin-top: 0pt; margin-bottom: 12pt"><SUP>74 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s
Chicago Mercantile Exchange close price, adjusted for the current day's spreads.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Forward foreign currency exchange contracts are valued daily based
on the applicable exchange rate of the underlying currency.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s (or asset&rsquo;s
or liability&rsquo;s) &ldquo;fair value&quot;. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(b) Investment Transactions and Investment Income</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>75</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Subsequent to the purchase, the estimated cash flows are updated
periodically and a revised yield is calculated prospectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(c) Senior Floating Rate Interests and Loan Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&quot;LIBOR&quot;), (ii) the prime rate offered by one or more major United States banks, or (iii) the bank&rsquo;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 disclosed in the Fund's Schedule of Investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund invests in loans and other similar debt obligations (&ldquo;obligations&rdquo;).
A portion of the Fund's investments in these obligations is sometimes referred to as &ldquo;covenant lite&rdquo; loans or obligations
(&ldquo;covenant lite obligations&rdquo;), 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&rsquo;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 &ldquo;securities&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(d) Currency Translations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>76 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">prices of securities held. Such fluctuations are included with
the net realized gain or loss and unrealized appreciation or depreciation on investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(e) Forward Foreign Currency Exchange Contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(f) Distributions to Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such
shareholder of the shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(g) Restricted Cash</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 May 31, 2021, there was $768,724 of restricted cash.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(h) U.S. Government Agency Obligations</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(i) Swap Agreements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>77</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(j) Short Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">When a Fund engages in a short sale of a security, an amount equal
to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to
reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short
sales.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fees, if any, paid to brokers to borrow securities in connection
with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of
the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment
objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The
Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(k) Options</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">When the Fund writes (sells) an option, an amount equal to the
premium received is entered in that Fund&rsquo;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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: left"><SUP>78 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(l) Futures Contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(m) Indemnifications</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the Fund's organizational documents, its Trustees and Officers
are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, throughout the normal
course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications.
The Fund's maximum 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(n) Special Purpose Acquisition Companies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may acquire an interest in a special purpose acquisition
company (&ldquo;SPAC&rdquo;) in an initial public offering or a secondary market transaction. SPAC investments carry many of the same
risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information
about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is
typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising
existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC
is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing
companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is
completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market
securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk
that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that
the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence
blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is
particularly dependent on the ability of the entity&rsquo;s management to identify and complete a profitable acquisition. Among other
conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the
economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination
transactions to shareholders. This risk may become more acute as the deadline for the</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>79</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">completion of a business combination nears. There is no guarantee
that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions that are completed will be profitable.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 3 &ndash; <B>Financial Instruments
and Derivatives</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As part of its investment strategy, the Fund utilizes short sales
and 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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Short Sales</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A short sale is a transaction in which the Fund sells a security
it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position,
the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize
a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Derivatives</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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's financial position and results of operations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund utilized derivatives for the following purposes:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Duration: </B>the use of an instrument to manage the interest
rate risk of a portfolio.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Hedge: </B>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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Income: </B>the use of any instrument that distributes cash
flows typically based upon some rate of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Index Exposure: </B>the use of an instrument to obtain exposure
to a listed or other type of index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Speculation: </B>the use of an instrument to express macro-economic
and other investment views.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>80 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Options Purchased and Written</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund's use and volume of call/put
options purchased on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 46%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Call</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Put</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Duration, Hedge, Speculation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$577,975,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s inability
to perform.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund's use and volume of call/put
options written on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Call</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Put</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hedge, Income</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Duration, Hedge, Index exposure</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$57,462,134</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Futures Contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund's use and volume of futures
on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 40%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Short</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Index exposure</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$57,180,492</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>81</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Swap Agreements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 over-the-counter (&ldquo;OTC&rdquo;) 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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund's use and volume of total
return swaps on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Short</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income, Index Exposure</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$44,772,803</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$164,956</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 centrally-cleared, but central clearing does not make interest rate swap transactions risk free.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund's use and volume of interest
rate swaps on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 40%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Pay</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Receive</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Floating Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Floating Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Duration, Hedge</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$5,014,167</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 &ldquo;seller&rdquo; or &ldquo;buyer&rdquo; 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>82 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s credit soundness and a greater likelihood or risk of default or other credit event occurring
as defined under the terms of the agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund&rsquo;s use and volume
of credit default swaps on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 32%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Notional Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Protection</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Protection</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sold</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Income, Index Exposure</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$30,968,967</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Forward Foreign Currency Exchange Contracts</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>83</SUP></P>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table represents the Fund&rsquo;s use and volume
of forward foreign currency exchange contracts on a monthly basis:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 35%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Use</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sold</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Hedge</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$13,248,517</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$31,988,279</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Derivative Investment Holdings Categorized by Risk Exposure</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the location of derivative investments
on the Fund's Statement of Assets and Liabilities as of May 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 37%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 39%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 24%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Derivative Investment Type</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Asset Derivatives</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liability Derivatives</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Equity contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Variation margin on</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Options written, at value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">futures contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Interest rate contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Investments in unaffiliated</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Variation margin on interest</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">issuers, at value</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">rate swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Currency contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Unrealized appreciation on</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Unrealized depreciation on</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">forward foreign currency</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">forward foreign currency</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following tables set forth the fair value of the Fund's derivative
investments categorized by primary risk exposure at May 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><B>Asset Derivative Investments Value</B></FONT><FONT STYLE="font: 0pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 18%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Foreign</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Futures</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Exchange</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Value at</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May 31, 2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$3,750,876</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 8,079,682</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><B>Liability Derivative Investments Value</B></FONT><FONT STYLE="font: 0pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 18%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Foreign</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Futures</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Exchange</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total Value at</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May 31, 2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 117,908</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,022,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,653,316</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>84 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the location of derivative investments
on the Fund's Statement of Operations for the year ended May 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 58%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt">
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Derivative Investment Type</B></P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Equity contracts</P></TD>
    <TD STYLE="padding: 0.75pt">
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Location of Gain (Loss) on Derivatives</B></P>
    <P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Interest Rate contracts</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net realized gain (loss) on options purchased 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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Credit contracts</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Currency contracts</FONT></TD>
    <TD STYLE="padding: 0.75pt 0.75pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Net realized gain (loss) on forward foreign currency exchange contracts Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the Fund's realized gain (loss) and
change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary
risk exposure for the year ended May 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Realized Gain(Loss) on Derivative Investments Recognized on the Statements of Operations</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Foreign</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Futures</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Credit</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity Interest Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Exchange</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$23,723,410</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 181,296</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$10,874,477</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(8,554,201)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,522,480</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (357,428)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 27,390,034</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Change in Unrealized Appreciation (Depreciation) on Derivative
Investments Recognized on the Statement of Operations</B></P>

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<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Options</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Foreign</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Futures</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Swaps</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Written</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchased</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Currency</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Credit</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Equity</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest Rate</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Exchange</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Risk</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(4,518,400)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(117,908)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(2,429,009)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$2,062,758</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$2,080,453</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (1,334,867)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (4,256,973)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In conjunction with short sales and 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>85</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Foreign Investments</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There are several risks associated with exposure to foreign currencies,
foreign issuers and emerging markets. The Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 4 &ndash; <B>Offsetting</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>86 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">received from or delivered to that counterparty based on the terms
of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon
merger or additional termination event.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&ldquo;ISDA Master Agreement&rdquo;) 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>87</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following tables present derivative financial instruments and
secured financing transactions that are subject to enforceable netting arrangements:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross Amounts Not Offset</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross Amounts</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>of Assets</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>in the Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Offset in the</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Presented on the</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amounts of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cash</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Recognized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 4.4pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateral</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Instrument</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets<SUP>1</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Instruments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Received</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward foreign</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">currency</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">exchange</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,158,793</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (94,403)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (924,677)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 139,713</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Options purchased</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,170,013</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 14.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(382,829)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2,296,436)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">490,748</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross Amounts Not Offset</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross Amounts</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>of Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>in the Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Gross</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Offset in the</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Presented on the</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Amounts of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Statement of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cash</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Recognized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Assets and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 4.45pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Collateral</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Instrument</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities<SUP>1</SUP></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Liabilities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Instruments</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Pledged</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Amount</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward foreign</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 16%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">currency</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">exchange</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 512,813</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ (461,382)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.3pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 51,431</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Options written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15,850</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">15,850</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(15,850)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Reverse</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Repurchase</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">335,327,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">335,327,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(335,327,511)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>1 </SUP>Exchange-traded or centrally-cleared
derivatives are excluded from these reported amounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 May 31, 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Counterparty</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Asset Type</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cash Pledged</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cash Received</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Citibank N.A., New York</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward foreign currency exchange contracts,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 2,840,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">options purchased and written</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Goldman Sachs International</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Forward foreign currency exchange contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">450,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">J.P. Morgan Securities LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Interest rate swap agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">768,724</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 768,724</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 3,290,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 5 &ndash; <B>Fees and Other
Transactions with Affiliates</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 (&ldquo;GPIM&rdquo; or &ldquo;Sub-Adviser&rdquo;), provides personnel including certain
officers required for the Fund's administrative management</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>88 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">and compensates the officers and trustees of the Fund who are affiliates
of the Adviser. As compensation for these services, the Fund pays the Adviser a fee, payable monthly, in an amount equal to 1.00% of the
Fund's average daily managed assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;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&rsquo;s affiliates. As compensation for its services, the Adviser pays GPIM a fee, payable monthly, in an annual
amount equal to 0.50% of the Fund's average daily managed assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For purposes of calculating the fees payable under the foregoing
agreements, average daily managed assets means the average daily value of the Fund's total assets minus the sum of its accrued liabilities.
Total assets means all of the Fund's assets and is not limited to its investment securities. Accrued liabilities means all of the Fund's
liabilities other than borrowings for investment purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">MUFG Investor Services (US), LLC (&ldquo;MUIS&rdquo;) acts as the
Fund's administrator and accounting agent. As administrator and accounting agent, MUIS maintains the books and records of the Fund's securities
and cash. The Bank of New York Mellon Corp. (&ldquo;BNY&rdquo;) acts as the Fund's custodian. As custodian, BNY is responsible for the
custody of the Fund'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's average daily managed assets subject to certain minimum monthly fees and out of pocket expenses.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 6 &ndash; <B>Fair Value Measurement</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Level 1 &mdash; quoted prices in active markets for identical assets
or liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Level 2 &mdash; 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.).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>89</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Level 3 &mdash; significant unobservable inputs based on the best
information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Independent pricing services are used to value a majority of the
Fund&rsquo;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&rsquo;s assets and liabilities are categorized as Level 2, as indicated
in this report.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 7 &ndash; <B>Reverse Repurchase
Agreements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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's assets.
As a result, such transactions may increase fluctuations in the market value of the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>90 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Fund's assets. For the year ended May 31, 2021, the average daily
balance for which reverse repurchase agreements were outstanding amounted to $242,666,922. The weighted average interest rate was 0.64%.
As of May 31, 2021, there was $335,327,511 in reverse repurchase agreements outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As of May 31, 2021, the Fund had outstanding reverse repurchase
agreements with various counterparties. Details of the reverse repurchase agreements by counterparty are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 34%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Counterparty</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest Rates</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Maturity Dates</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BMO Capital Markets Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.38% - 0.45%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 90,415,439</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">BMO Capital Markets Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.37% - 0.47%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/06/21 - 07/12/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,679,281</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Barclays Capital, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.35% - 0.45%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">46,022,732</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Barclays Capital, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.40% - 0.47%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/06/21 - 07/12/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,915,218</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Canadian Imperial Bank of Commerce</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.36% - 0.75%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/04/21 - 06/23/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">51,592,827</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Canadian Imperial Bank of Commerce</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.40% - 0.60%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,863,414</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RBC Capital Markets LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.25%) - 0.45%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">24,481,939</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">RBC (Barbados) Trading Bank Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 27.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.99%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/21/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,893,558</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Credit Suisse Securities (USA) LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.30% - 0.45%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12,497,354</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Societe Generale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 27.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.55%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,786,771</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Societe Generale</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.80% - 1.05%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/18/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,729,516</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">J.P. Morgan Securities LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.35% - 0.40%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,658,864</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">J.P. Morgan Securities LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 27.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.35%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/14/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,772,792</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bank of America</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.26% - 0.45%*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Open Maturity</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,017,806</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 335,327,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">*</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">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 May 31, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the remaining contractual maturities
of the reverse repurchase agreements outstanding as of May 31, 2021, aggregated by asset class of the related collateral pledged by the
Fund:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Overnight</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Greater than</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>and Continuous</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Up to 30 days</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>31-90 days</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>90 days</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Corporate Bonds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$195,744,319</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 1,772,792</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$62,594,500</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$260,111,611</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mortgage-Backed Securities</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">53,322,342</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">53,322,342</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Stocks</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,893,558</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">21,893,558</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Total reverse repurchase</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$195,744,319</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$55,095,134</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$84,488,058</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$335,327,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Gross amount of recognized</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">liabilities for reverse</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">repurchase agreements</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$195,744,319</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$55,095,134</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$84,488,058</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &mdash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$335,327,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 8 &ndash; <B>Borrowings</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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 May 31, 2021, there was $38,500,690 outstanding
in connection with the Fund&rsquo;s credit facility. The average daily amount of borrowings on the credit facility during the period was
$32,711,998 with a related average interest rate of 1.14%. The maximum amount outstanding during the year was</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>91</SUP></P>








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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">$38,500,690. As of May 31, 2021, the total value of securities
segregated and pledged as collateral in connection with borrowings was $77,417,672.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The credit facility agreement governing the loan facility includes
usual and customary covenants. These covenants impose on the Fund asset coverage requirements, collateral requirements, investment strategy
requirements, and certain financial obligations. These covenants place limits or restrictions on the Fund&rsquo;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 &ldquo;closed-end management investment company&rdquo; as defined in the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There is no guarantee that the Fund&rsquo;s leverage strategy will
be successful. The Fund&rsquo;s use of leverage may cause the Fund&rsquo;s NAV and market price of common shares to be more volatile and
can magnify the effect of any losses.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 9 &ndash; <B>Federal Income
Tax Information</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Tax positions taken or expected to be taken in the course of preparing
the Fund&rsquo;s tax returns are evaluated to determine whether the tax positions are &ldquo;more-likely-than-not&rdquo; 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&rsquo;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&rsquo;s financial statements.
The Fund&rsquo;s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (&ldquo;IRS&rdquo;) for a
period of three years after they are filed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The tax character of distributions paid during the year ended May
31, 2021 was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ordinary</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Return of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Income</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital Gain</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Distributions</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$44,994,676</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$56,227,228</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$101,221,904</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The tax character of distributions paid during the year ended May
31, 2020 was as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ordinary</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Return of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Income</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital Gain</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Distributions</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$33,846,511</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$52,158,126</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$86,004,637</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>92 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Note: For U.S. federal income tax purposes, short-term capital
gain distributions are treated as ordinary income distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The tax components of distributable earnings/(loss) as of May 31,
2021 were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Undistributed</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Undistributed</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Accumulated</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ordinary</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital and</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Income</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital Gain</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Depreciation)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Other Losses</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$21,201,353</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(9,202,717)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$11,998,636</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For U.S. federal income tax purposes, capital loss carryforwards
represent realized losses of the Fund that may be carried forward and applied against future capital gains. The Fund is permitted to carry
forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term
capital losses. As of May 31, 2021, capital loss carryforwards for the Fund were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 30%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 39%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unlimited</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Capital Loss</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Short-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Long-Term</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Carryforward</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ &ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(9,202,717)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(9,202,717)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For the year ended May 31, 2021, the following capital loss carryforward
amounts were utilized:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 100%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Utilized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$20,158,512</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income and net realized gains (losses) may differ
for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to
investments in partnerships, foreign currency gains and losses, investments in collateralized debt obligations, losses deferred due to
wash sales, paydown losses and the &ldquo;mark-to-market&rdquo; of certain derivatives. Additional differences include investments in
swaps, and return of capital distributions. To the extent these differences are permanent and would require a reclassification between
Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These
reclassifications have no effect on net assets or NAV per share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There were no adjustments made on the Statement of Assets and Liabilities
as of May 31, 2021 for permanent book/tax differences.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At May 31, 2021, 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:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 24%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 26%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net Tax</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Tax</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Unrealized</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation/</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cost</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Appreciation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Depreciation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(Depreciation)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,230,343,906</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$51,851,323</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(30,950,054)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$20,901,269</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>93</SUP></P>









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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 10 &ndash; <B>Securities Transactions</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For the year ended May 31, 2021, the cost of purchases and proceeds
from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 53%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchases</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sales</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$1,102,294,732</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$641,151,062</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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. The procedures have been designed to
ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate
by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with
Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save
costs, where permissible. For the year ended May 31, 2021, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7
of the 1940 Act, as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 26%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 41%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Purchases</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sales</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Realized Gain (Loss)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$9,847,521</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$15,075,372</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$(116,649)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 9pt">Note 11 &ndash; <B>Unfunded Loan
Commitments</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Pursuant to the terms of certain loan agreements, the Fund held
unfunded loan commitments as of May 31, 2021. The Fund is obligated to fund these loan commitments at the borrower&rsquo;s discretion.
The Fund reserves against such contingent obligations by designating cash, liquid securities, illiquid securities, and liquid term loans
as a reserve. As of May 31, 2021, the total amount segregated in connection with unfunded loan commitments and reverse repurchase agreements
was $356,096,718.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>94 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The unfunded loan commitments as of May 31, 2021, were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 8in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 38%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 29%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Borrower</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Maturity Date</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Face Amount*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Alexander Mann</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12/16/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">GBP 1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 159,478</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CapStone Acquisition Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11/12/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">828,400</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">7,612</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Care BidCo</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/15/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,000,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">119,552</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CCC Information Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/27/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,250,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">112</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">DG Investment Intermediate Holdings 2, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/17/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">112,208</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">168</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Examworks Group, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/27/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">84,220</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FCG Acquisitions, Inc</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/31/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">195,442</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">162</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fortis Solutions Group LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12/15/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">163,320</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,633</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Galls LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/31/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">29,928</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,739</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HAH Group Holding Co. LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">410,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,626</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Higginbotham</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11/25/22</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">823,699</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4,583</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">HighTower Holding LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/16/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">430,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">ImageFIRST Holdings LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/26/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">203,704</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">255</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Jones Deslauriers Insurance Management, Inc. 03/12/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,248,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">MB2 Dental Solutions LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/29/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">949,546</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,979</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">National Mentor Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/02/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">178,667</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">OEConnection LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">09/25/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,071</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">30</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SCP Eye Care Services LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/16/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">310,227</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">&ndash;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SeaPort Financing LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10/31/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,650,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">91,985</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Service Logic Acquisition, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10/22/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">364,478</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,336</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">SHO Holding I Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/29/24</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">500,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">40,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Solera LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">08/27/21</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5,297,638</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,373</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Southern Veterinary Partners LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10/05/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">436,364</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,963</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Team.Blue Finco SARL</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/18/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">94,595</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">553</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Trader Interactive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">06/15/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">115,385</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,167</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">TricorBraun Holdings, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">03/03/28</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">426,014</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,408</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Venture Global Calcasieu Pass LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">08/19/26</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,399,522</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">104,964</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vertical (TK Elevator)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">01/30/27</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,750,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">205,701</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 851,599</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* The face amount is denominated in U.S. dollars unless otherwise
indicated.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GBP - British Pound</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>95</SUP></P>






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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: Black 1pt solid; width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Note 12 &ndash; <B>Restricted Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The securities below are considered illiquid and restricted under
guidelines established by the Board:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 39%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Restricted Securities</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 23%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Acquisition Date</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 22%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cost</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Airplanes Pass Through Trust</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2001-1A, due 03/15/19<SUP>1,2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10/14/09</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 5,384,675</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 668</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Basic Energy Services, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.75% due 10/15/23</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">09/25/18</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">497,423</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">95,000</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">CBC Insurance Revenue Securitization LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-1, 5.25% due 07/15/46<SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">08/09/19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">310,616</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">291,982</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FDF II Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2016-2A, 7.70% due 05/12/31</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">04/15/16</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,987,266</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2,999,269</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">FLNG Liquefaction 2 LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">4.13% due 03/31/38<SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">07/23/19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">224,690</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">263,084</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Freddie Mac Military Housing</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Bonds Resecuritization</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Trust Certificates</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2015-R1, 5.49% (WAC) due 11/25/52<SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">09/10/19</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,598,213</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">3,620,133</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Mirabela Nickel Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">due 06/24/19<SUP>2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12/31/13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,259,370</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">55,527</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Princess Juliana International</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Airport Operating Company N.V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.50% due 12/20/27<SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">12/17/12</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,236,447</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">1,119,687</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Turbine Engines Securitization Ltd.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2013-1A, 6.38% due 12/13/48</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">11/27/13</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">451,622</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">315,774</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 15,950,322</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">$ 8,761,124</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Variable rate security. Rate indicated is the rate effective at May 31, 2021. In some instances, the effective rate is limited 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 effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>2</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Security is in default of interest and/or principal obligations.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">All or a portion of these securities have been physically segregated in connection with borrowings and reverse repurchase agreements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"><SUP></SUP></P>
<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Note 13 <B>&ndash; Capital</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Common Shares</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has an unlimited amount of common shares, $0.01 par value,
authorized and 51,503,912 shares issued and outstanding.</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt"><SUP>96 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>









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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Transactions in common shares were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 52%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Year Ended</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 17%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Year Ended</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May 31, 2021</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>May 31, 2020</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Beginning shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">42,426,020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">35,845,939</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Shares issues through at-the-market offering</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">8,462,066</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6,052,385</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Shares issues through dividend reinvestment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">615,826</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">527,696</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ending shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">51,503,912</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">42,426,020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On July 1, 2019, the Fund's shelf registration allowing for delayed
or continuous offering of additional shares became effective. The shelf registration statement allows for the issuance of up to $350,000,000
of common shares. On July 1, 2019, the Fund entered into an at-the-market sales agreement with Cantor Fitzgerald &amp; Co. to offer and
sell up to 11,250,000 common shares, from time to time, through Cantor Fitzgerald &amp; Co. as agent for the Fund. On February 1, 2021,
the Fund entered into an at-the-market sales agreement with Cantor Fitzgerald &amp; Co. to offer and sell common shares having an aggregated
initial offering price of up to $159,724,117, from time to time, through Cantor Fitzgerald as agent for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As of May 31, 2021, up to $86,245,728 remained available under
the at-the-market sales agreement. For the year ended May 31, 2021, the Fund paid $11,996 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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Note 14 &ndash; <B>COVID-19</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The global ongoing crisis caused by the outbreak of COVID-19 and
the current recovery underway is causing disruption to consumer demand and economic output and supply chains. There are still travel restrictions
and quarantines, and adverse impacts on 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 around the world, the Fund&rsquo;s investments
and a shareholder&rsquo;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 and similar measures intended to respond to and contain the ongoing pandemic, which can obstruct their
functioning and subject them to heightened operational and other risks.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Note 15 &ndash; <B>Subsequent Events</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Boards of Trustees (collectively, the &ldquo;Board&rdquo;)
of several Guggenheim closed-end funds approved the following mergers at a special joint meeting of the Board held on April 12, 2021 (reconvened
April 20, 2021): (i) for shareholders of Guggenheim Enhanced Equity Income Fund (&ldquo;GPM&rdquo;) and Guggenheim Credit Allocation Fund
(&ldquo;GGM&rdquo;), the merger of each respective fund into Guggenheim</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>97</SUP></P>






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

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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NOTES TO FINANCIAL STATEMENTS continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Strategic Opportunities Fund (&ldquo;GOF&rdquo;), and (ii) for
shareholders of GOF, the merger of each of GPM and GGM into GOF, including the issuance of additional common shares of beneficial interest
of GOF. The Board believes each proposed merger is in the best interests of each of GPM, GGM, and GOF and their respective shareholders.
A special joint meeting of shareholders is scheduled to be held on August 24, 2021, subject to any adjournment or postponement, where
shareholders will be asked to consider and vote on the proposed mergers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Subject to the necessary shareholder approvals and the satisfaction
of applicable regulatory requirements and other customary closing conditions, it is anticipated that the mergers will be completed in
the third or fourth quarter of 2021. Upon completion of the mergers, each of GPM and GGM will merge directly with and into GOF, and shareholders
of each of GPM and GGM will become shareholders of GOF and will receive GOF shares, the aggregate net asset value (NAV) (not the market
value) of which will equal the aggregate NAV (not the market value) of the shares of GPM or GGM, as applicable, held immediately prior
to the mergers. Approval of the merger of GPM with and into GOF is not contingent upon the approval of the merger of GGM with and into
GOF, and likewise, approval of the merger of GGM with and into GOF is not contingent upon approval of the merger of GPM with and into
GOF.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">More information regarding the proposed mergers is provided in
the Combined Proxy Statement/Prospectus that was filed on June 29, 2021 with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
and available on the SEC&rsquo;s website (www.sec.gov). Investors and security holders of GPM, GGM and GOF are urged to read the Combined
Proxy Statement/Prospectus and other documents filed with the SEC carefully and in their entirety. The Fund has performed an evaluation
of subsequent events through the date of issuance of this report and has determined that there are no additional material events that
would require disclosure other than the events disclosed above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>98 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 86%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>To the Shareholders and Board of Trustees of Guggenheim Strategic
Opportunities Fund</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We have audited the accompanying statement of assets and liabilities
of Guggenheim Strategic Opportunities Fund (the &ldquo;Fund&rdquo;), including the schedule of investments, as of May 31, 2021, and the
related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years
in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively
referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material respects,
the financial position of Guggenheim Strategic Opportunities Fund at May 31, 2021, the results of its operations and its cash flows for
the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for
each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">These financial statements are the responsibility of the Fund&rsquo;s
management. Our responsibility is to express an opinion on the Fund&rsquo;s financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;) and are required to
be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We conducted our audits in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an
audit of the Fund&rsquo;s internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Our audits included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of May 31, 2021, by correspondence with the custodian, brokers, and paying agents or by other
appropriate auditing procedures where replies from brokers or paying agents were not received. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt"><IMG SRC="image_005.gif" ALT="" STYLE="height: 58px; width: 190px"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We have served as the auditor of one or more Guggenheim investment
companies since 1979.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Tysons, Virginia</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">July 29, 2021</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>99</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 62%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 38%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Federal Income Tax Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This information is being provided as required by the Internal
Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In January 2022, shareholders will be advised on IRS Form 1099
DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s investment income (dividend income plus short-term
capital gains, if any) qualifies as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Of the taxable ordinary income distributions paid during the fiscal
year ending May 31, 2021, the Fund had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth
Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income
and dividend received deduction columns, respectively, in the table below.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Additionally, of the taxable ordinary income distributions paid
during the fiscal year ended May 31, 2021, the Fund had the corresponding percentages qualify as interest related dividends as permitted
by IRC Section 871(k)(1) . See qualified interest income in the table below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Qualified</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 48%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Dividend</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 26%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Qualified</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Dividend</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Received</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Interest</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Income</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Deduction</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Income</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.59%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">2.50%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">83.74%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>100 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 67%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Results of Shareholder Votes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Annual Meeting of Shareholders of the Fund was held on April
8, 2021. Shareholders voted on the election of Trustees. With regards to the election of the following Trustees by shareholders of the
Fund:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 19%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B># of Shares in Favor</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B># of Shares Against</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B># of Shares Abstain</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Thomas F. Lydon, Jr.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,823,663</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">299,426</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">372,280</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ronald A. Nyberg</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,803,057</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">302,777</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">389,535</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Sandra G. Sponem</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,732,734</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">383,247</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">379,388</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Ronald E. Toupin, Jr.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">32,721,332</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">368,586</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">405,451</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The other Trustees of the Fund not up for election in 2021 are
Randall C. Barnes, Angela Brock-Kyle and Amy J. Lee.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sector Classification</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Information in the &ldquo;Schedule of Investments&rdquo; is categorized
by sectors using sector-level classifications used by Bloomberg Industry Classification System, a widely recognized industry classification
system provider. In the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>101</SUP></P>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Trustees</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Trustees of the Guggenheim Strategic Opportunities Fund and
their principal business occupations during the past five years:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 9in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 43%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Number of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 21%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Length</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Portfolios in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Name, Address*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>of Time</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Principal Occupation(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Fund Complex</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other Directorships</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Year of Birth</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trust</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Served**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>During Past Five Years</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Overseen</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held by Trustees***</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Independent Trustees:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Randall C. Barnes</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2007</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Private Investor (2001-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">157</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Purpose Investments Funds</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1951)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2013-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Valuation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997);</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President, Pizza Hut International (1991-1993); Senior Vice President,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Managed Duration Investment</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Valuation</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Strategic Planning and New Business Development, PepsiCo, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Grade Municipal Fund (2006-2016).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Oversight</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1987-1990).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Angela Brock-Kyle</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">156</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Bowhead Insurance GP, LLC</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1959)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2020-present); Hunt Companies, Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Senior Leader, TIAA (1987-2012).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2019-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Infinity Property &amp; Casualty</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Corp. (2014-2018).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Thomas F. Lydon, Jr.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: President, Global Trends Investments (1996-present); Co-Chief</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">156</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: US Global Investors (GROW)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1960)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1995-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Lydon Media (2016-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Review</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Harvest Volatility Edge Trust (3)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Contracts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2017-2019).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Review</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>102 </SUP>l<B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>






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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Number of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Length</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Portfolios in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Name, Address*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>of Time</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Principal Occupation(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Fund Complex</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other Directorships</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Year of Birth</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trust</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Served**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>During Past Five Years</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Overseen</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held by Trustees***</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><B>Independent Trustees continued:</B></FONT><FONT STYLE="font: 0pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ronald A. Nyberg</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2007</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Of Counsel, Momkus LLP (2016-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">157</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: PPM Funds (2) (2018-present);</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1953)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Edward-Elmhurst Healthcare System</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Nominating</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Partner, Nyberg &amp; Cassioppi, LLC (2000-2016); Executive Vice</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President, General Counsel, and Corporate Secretary, Van Kampen</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Governance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investments (1982-1999).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Western Asset Inflation-Linked</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Opportunities &amp; Income Fund (2004-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2020); Western Asset Inflation-Linked</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Income Fund (2003-2020); Managed</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Duration Investment Grade Municipal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Fund (2003-2016).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Sandra G. Sponem</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2019</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Retired.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">156</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: SPDR Series Trust (81)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1958)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present); SPDR Index Shares</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Audit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2020</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Funds (30) (2018-present); SSGA Active</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Companies, Inc. (2007-2017).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trust (14) (2018-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Audit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: SSGA Master Trust (1)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-2020).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Ronald E. Toupin, Jr.</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2007</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Portfolio Consultant (2010-present); Member, Governing Council,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">156</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Western Asset Inflation-Linked</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1958)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Independent Directors Council (2013-present); Governor, Board of Governors,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Opportunities &amp; Income Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Board and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investment Company Institute (2018-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2004-2020); Western Asset Inflation-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chair of the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Linked Income Fund (2003-2020);</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Executive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: Member, Executive Committee, Independent Directors Council</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Managed Duration Investment Grade</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Committee</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Municipal Fund (2003-2016).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Management (1998-1999); Vice President, Nuveen Investment Advisory Corp.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Investment Trusts (1988-1999), each of John Nuveen &amp; Co., Inc. (1982-1999).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>103</SUP></P>






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

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    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
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    <TD STYLE="width: 43%; padding: 0.75pt">&nbsp;</TD>
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    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Number of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Length</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Portfolios in</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Name, Address*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>of Time</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Principal Occupation(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Fund Complex</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Other Directorships</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>and Year of Birth</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Trust</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Served**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>During Past Five Years</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Overseen</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Held by Trustees***</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif"><B>Interested Trustee:</B></FONT><FONT STYLE="font: 0pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt"><B>Amy J. Lee****</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Trustee, Vice</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Current: Interested Trustee, certain other funds in the Fund Complex</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">156</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">None.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1961)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">President and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Trustee) Since</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2018-present); Chief Legal Officer, certain other funds in the Fund Complex</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Chief Legal</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">2014 (Chief</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2014-present); Vice President, certain other funds in the Fund Complex</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Officer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Legal Officer)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2007-present); Senior Managing Director, Guggenheim Investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Since 2012</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2012-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(Vice President)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Former: President and Chief Executive Officer, certain other funds in the Fund</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Complex (2017-2019); Vice President, Associate General Counsel and Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Secretary, Security Benefit Life Insurance Company and Security Benefit</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">Corporation (2004-2012).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>*</I></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>The
                                            business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago,
                                            Illinois 60606.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>**</I></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Each
                                            Trustee elected shall hold office until his or her successor shall have been elected and
                                            shall have qualified. After a Trustee&rsquo;s initial term, each Trustee is expected to serve
                                            a two year term concurrent with the class of Trustees for which he or she serves:</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&bull;&#9;Mr.
Barnes and Mses. Lee and Brock-Kyle are Class I Trustees. Class I Trustees are expected to stand for re-election at the Fund's annual
meeting of share- holders for the fiscal year ended May 31, 2022.</I></FONT></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>&bull;&#9;Messrs.
Nyberg, Lydon, Jr., Toupin, Jr. and Ms. Sponem are Class II Trustees. Class II Trustees are expected to stand for re-election at the
Fund's annual meeting of shareholders for the fiscal year ended May 31, 2023.</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>***</I></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>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.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>****</I></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>This
                                            Trustee is deemed to be an &ldquo;interested person&rdquo; of the Fund under the 1940 Act
                                            by reason of her position with the Fund's Investment Manager and/or the parent of the Investment
                                            Manager.</I></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>104 </SUP>l<SUP>GOF </SUP>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 67%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>OFFICERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Officers of the Guggenheim Strategic Opportunities Fund, who
are not Trustees, and their principal business occupations during the past five years:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9.5in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 72%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Held</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Name, Address*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>and Length of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>and Year of Birth</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Trust</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Time Served**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Principal Occupation(s) During Past Five Years</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Officers:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Brian E. Binder</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">President and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2018</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1972)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chief Executive</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Officer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Joanna M. Catalucci</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chief</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2012</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1966)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Compliance</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2014-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Officer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: AML Officer, certain other funds in the Fund Complex (2016-2017); Chief Compliance Officer and Secretary certain other funds in the</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Fund Complex (2008-2012); Senior Vice President and Chief Compliance Officer, Security Investors, LLC and certain affiliates (2010-2012); Chief</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Compliance Officer and Senior Vice President, Rydex Advisors, LLC and certain affiliates (2010-2011).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>James M. Howley</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2006</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1972)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treasurer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(2006-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Mark E. Mathiasen</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Secretary</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2008</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1978)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Glenn McWhinnie</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2016</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1969)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treasurer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>105</SUP></P>





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

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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER INFORMATION (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9.5in; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 10%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 72%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Held</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Name, Address*</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>and Length of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>and Year of Birth</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Trust</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Time Served**</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Principal Occupation(s) During Past Five Years</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Officers continued:</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Michael P. Megaris</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2014</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Director, Guggenheim Investments (2012-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1984)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Secretary</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Kimberly J. Scott</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2012</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1974)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treasurer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inc./Morgan Stanley Investment Management (2005-2009).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Bryan Stone</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Vice President</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2014</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1979)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>John L. Sullivan</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Chief Financial</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2010</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1955)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Officer, Chief</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Managing Director, Guggenheim Investments (2010-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Accounting</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Officer and</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010);</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treasurer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Officer and Treasurer, Van Kampen Funds (1996-2004).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Jon Szafran</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assistant</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Since 2017</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Current: Vice President, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(1989)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Treasurer</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Inc. (&quot;HGINA&quot;), (2017); Senior Analyst of US Fund Administration, HGINA (2014&ndash;2017); Senior Associate of Fund Administration, Cortland</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>*</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;
    &nbsp; &nbsp; </FONT></I></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>The
    business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.</I></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>**</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;
    &nbsp; &nbsp; </FONT></I></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><I>Each
    officer serves an indefinite term, until his or her successor is duly elected and qualified.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><SUP>&nbsp;</SUP></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>106 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM
STRATEGIC OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>







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

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    <TD STYLE="width: 79%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Strategic Opportunities Fund (the &ldquo;Fund&rdquo;)
is a Delaware statutory trust that is registered as a diversified, closed-end management investment company under the Investment Company
Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). Guggenheim Funds Investment Advisors, LLC (&ldquo;GFIA&rdquo; or the &ldquo;Adviser&rdquo;),
an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (&ldquo;Guggenheim Partners&rdquo;),
serves as the Fund&rsquo;s investment adviser and provides certain administrative and other services pursuant to an investment advisory
agreement between the Fund and GFIA (the &ldquo;Investment Advisory Agreement&rdquo;). (Guggenheim Partners, GFIA, Guggenheim Partners
Investment Management, LLC (&ldquo;GPIM&rdquo; or the &ldquo;Sub-Adviser&rdquo;) and their affiliates may be referred to herein collectively
as &ldquo;Guggenheim.&rdquo; &ldquo;Guggenheim Investments&rdquo; refers to the global asset management and investment advisory division
of Guggenheim Partners and includes GFIA, GPIM, Security Investors, LLC and other affiliated investment management businesses of Guggenheim
Partners.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Under the terms of the Investment Advisory Agreement, GFIA is responsible
for overseeing the activities of GPIM, which performs portfolio management and related services for the Fund pursuant to an investment
sub-advisory agreement by and among the Fund, the Adviser and GPIM (the &ldquo;Sub-Advisory Agreement&rdquo; and together with the Investment
Advisory Agreement, the &ldquo;Advisory Agreements&rdquo;). Under the supervision and oversight of GFIA and the Board of Trustees of the
Fund (the &ldquo;Board,&rdquo; with the members of the Board referred to individually as the &ldquo;Trustees&rdquo;), GPIM provides a
continuous investment program for the Fund&rsquo;s portfolio, provides investment research, and makes and executes recommendations for
the purchase and sale of securities for the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Each of the Advisory Agreements continues in effect from year to
year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting
securities (as defined in the 1940 Act) of the Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not &ldquo;interested
person[s],&rdquo; as defined by the 1940 Act, of the Fund (the &ldquo;Independent Trustees&rdquo;) casting votes in person at a meeting
called for such purpose.<SUP>1 </SUP>At meetings held by videoconference on April 20, 2021 (the &ldquo;April Meeting&rdquo;) and on May
26, 2021 (the &ldquo;May Meeting&rdquo;), the Contracts Review Committee of the Board (the &ldquo;Committee&rdquo;), consisting solely
of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreements in connection
with the Committee&rsquo;s annual contract review schedule.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As part of its review process, the Committee was represented by
independent legal counsel to the Independent Trustees (&ldquo;Independent Legal Counsel&rdquo;), from whom the Independent Trustees received
separate legal advice and with whom they met separately. Independent Legal Counsel</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>1</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered manage- ment investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID- 19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreements at a meeting of the Board held by videoconference on May 26, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>&nbsp;</SUP></B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>107</SUP></P>






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

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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">reviewed and discussed with the Committee various key aspects of
the Trustees&rsquo; legal responsibilities relating to the proposed renewal of the Advisory Agreements and other principal contracts.
The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered
the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating
results of the Fund, and other information relevant to its evaluation of the Advisory Agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In connection with the contract review process, FUSE Research Network
LLC, an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to
help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds&rsquo;
relative position regarding fees, expenses and total return performance, with comparisons to a peer group of funds identified by Guggenheim,
based on a methodology reviewed by the Board. In addition, Guggenheim provided materials and data in response to formal requests for information
sent by Independent Legal Counsel on behalf of the Independent Trustees. Guggenheim also made a presentation at the April Meeting. Throughout
the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively
with the foregoing reports and materials, the &ldquo;Contract Review Materials&rdquo;). The Committee considered the Contract Review Materials
in the context of its accumulated experience in governing the Fund and other Guggenheim funds and weighed the factors and standards discussed
with Independent Legal Counsel.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Following an analysis and discussion of relevant factors, including
those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of the
Fund to recommend that the Board approve the renewal of each of the Advisory Agreements for an additional annual term.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment Advisory Agreement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Nature, Extent and Quality of Services Provided by the Adviser:
</I>With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee noted that, although the
Adviser delegated certain portfolio management responsibilities to the Sub-Adviser, as affiliated companies, both the Adviser and Sub-Adviser
are part of the Guggenheim organization. Further, the Committee took into account Guggenheim&rsquo;s explanation that investment advisory-related
services are provided by many Guggenheim employees under different related legal entities and thus, the services provided by the Adviser
on the one hand and the Sub-Adviser on the other, as well as the risks assumed by each party, cannot be ascribed to distinct legal entities.<SUP>2
</SUP>As a result, the Committee did not evaluate the services provided to the Fund under the Investment Advisory Agreement and Sub-Advisory
Agreement separately.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2 </SUP>Consequently, except where the context indicates
otherwise, references to &ldquo;Adviser&rdquo; or &ldquo;Sub-Adviser&rdquo; should be understood as referring to Guggenheim Investments
generally and the services it provides under both Advisory Agreements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>108 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee also considered the secondary market support services
provided by Guggenheim to the Fund and noted the materials describing the activities of Guggenheim&rsquo;s dedicated Closed-End Fund Team,
including with respect to communication with financial advisors, data dissemination and relationship management. In addition, the Committee
considered the qualifications, experience and skills of key personnel performing services for the Fund, including those personnel providing
compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other
information, including Guggenheim&rsquo;s resources and related efforts to retain, attract and motivate capable personnel to serve the
Fund. In evaluating Guggenheim&rsquo;s resources and capabilities, the Committee considered Guggenheim&rsquo;s commitment to focusing
on, and investing resources in support of, funds in the Guggenheim fund complex, including the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee&rsquo;s review of the services provided by Guggenheim
to the Fund included consideration of Guggenheim&rsquo;s investment processes and resulting performance, portfolio oversight and risk
management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks
borne by Guggenheim in sponsoring and providing services to the Fund, including entrepreneurial, legal, regulatory and operational risks.
The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim
compliance personnel regarding Guggenheim&rsquo;s adherence to regulatory requirements. The Committee also considered the regular reports
the Board receives from the Fund&rsquo;s Chief Compliance Officer regarding compliance policies and procedures established pursuant to
Rule 38a-1 under the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In connection with the Committee&rsquo;s evaluation of the overall
package of services provided by Guggenheim, the Committee considered Guggenheim&rsquo;s administrative services, including its role in
supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, custodian and other service
providers to the Fund. The Committee evaluated the Office of Chief Financial Officer (the &ldquo;OCFO&rdquo;), established to oversee
the fund administration, accounting and transfer agency services provided to funds in the Guggenheim fund complex, including the OCFO&rsquo;s
resources, personnel and services provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">With respect to Guggenheim&rsquo;s resources and the ability of
the Adviser to carry out its responsibilities under the Investment Advisory Agreement, the Chief Financial Officer of Guggenheim Investments
reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment
Management Holdings, LLC (&ldquo;GPIMH&rdquo;), and the various entities comprising Guggenheim Investments, and provided the audited consolidated
financial statements of GPIMH. (Thereafter, the Committee received the audited consolidated financial statements of GPIM.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee also considered the acceptability of the terms of
the Investment Advisory Agreement, including the scope of services required to be performed by the Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Based on the foregoing, and based on other information received
(both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee&rsquo;s</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>&nbsp;</B></P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>109</SUP></P>





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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">knowledge of how the Adviser performs its duties obtained through
Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified
to serve the Fund in such capacity and may reasonably be expected to continue to provide a high quality of services under the Investment
Advisory Agreement with respect to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Investment Performance: </I>The Fund commenced investment operations
on July 27, 2007 and its investment objective is to maximize total return through a combination of current income and capital appreciation.
The Committee received data showing, among other things, the Fund&rsquo;s total return on a net asset value (&ldquo;NAV&rdquo;) and market
price basis for the ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, as well as total return
based on NAV since inception. The Committee also received certain updated performance information as of March 31, 2021.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee compared the Fund&rsquo;s performance to a peer group
of closed-end funds identified by Guggenheim (the &ldquo;peer group of funds&rdquo;) and, for NAV returns, performance versus the Fund&rsquo;s
benchmark for the same time periods. The Committee noted that the Adviser&rsquo;s peer group selection methodology for the Fund starts
with the entire U.S.-listed taxable closed-end fund universe that generally invests greater than 10% in at least two of the following
three investment categories: corporate bonds, asset-backed securities and bank loans, but excludes funds: (i) with generally less than
20% financial leverage; (ii) that generally invest at least 80% in one asset class, sector or country; (iii) that generally invest less
than 50% in credit securities; (iv) that generally invest less than 80% in the U.S.; and (v) that generally invest less than 60% in below
investment grade securities. The Committee noted that the peer group of funds consists of 9 other multi-sector bond closed-end funds,
with 3 of 9 peers belonging to the same large fund family. The Committee also considered that the peer group of funds is consistent with
the peer group used for purposes of the Fund&rsquo;s quarterly performance reporting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee observed that the returns of the Fund ranked in the
1st, 1st and 11th percentiles of its peer group of funds on an NAV basis for the five-year, three-year and one-year periods ended December
31, 2020, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, the Committee took into account Guggenheim&rsquo;s
belief that there is no single optimal performance metric, nor is there a single optimal time period over which to evaluate performance
and that a thorough understanding of performance comes from analyzing measures of returns, risk and risk-adjusted returns, as well as
evaluating strategies both relative to their market benchmarks and to peer groups of competing strategies. Thus, the Committee also reviewed
and considered the additional performance and risk metrics provided by Guggenheim, including the Fund&rsquo;s standard deviation, tracking
error, beta, Sharpe ratio, information ratio and alpha compared to the benchmark, with the Fund&rsquo;s risk metrics ranked against its
peer group. In assessing the foregoing, the Committee considered Guggenheim&rsquo;s statement that, as of January 31, 2021, the Fund has
consistently outperformed its benchmark and delivered returns ranking in or near the top decile of its peer group over all relevant periods.
The Committee also noted Guggenheim&rsquo;s statement that, as of January 31, 2021, the Fund&rsquo;s risk metrics have generally been
better than those of its peers on a</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>110 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">five-year basis and since inception and that the Fund&rsquo;s risk-adjusted
returns have generally ranked in the top decile of its peer group over all relevant periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee also considered the Fund&rsquo;s structure and form
of leverage, and, among other information related to leverage, the cost of the leverage and the aggregate leverage outstanding as of December
31, 2020, as well as net yield on leverage assets and net impact on common assets due to leverage for the one-year period ended December
31, 2020 and annualized for the three-year and since-inception periods ended December 31, 2020.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Based on the foregoing, and based on other information received
(both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the Fund&rsquo;s
performance was acceptable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Comparative Fees, Costs of Services Provided and the Benefits
Realized by the Adviser from Its Relationship with the Fund: </I>The Committee compared the Fund&rsquo;s contractual advisory fee (which
includes the sub-advisory fee paid to the Sub-Adviser) calculated at average managed assets for the latest fiscal year,<SUP>3 </SUP>and
the Fund&rsquo;s net effective management fee<SUP>4 </SUP>and total net expense ratio, in each case as a percentage of average net assets
for the latest fiscal year, to the peer group of funds and noted the Fund&rsquo;s percentile rankings in this regard. The Committee also
reviewed the average and median advisory fees (based on average net assets) and expense ratios, including expense ratio components (e.g.,
transfer agency fees, administration fees and other operating expenses), of the peer group of funds. In addition, the Committee considered
information regarding Guggenheim&rsquo;s process for evaluating the competitiveness of the Fund&rsquo;s fees and expenses, noting Guggenheim&rsquo;s
statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive;
(ii) give consideration to resource support requirements; and (iii) ensure the Fund is able to deliver on shareholder return expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee observed that the Fund&rsquo;s contractual advisory
fee based on average managed assets ranks in the third quartile (56th percentile) of its peer group; and the Fund&rsquo;s net effective
management fee on average net assets and total net expense ratio (excluding interest expense) on average net assets each rank in the first
quartile (22nd percentile) of its peer group. The Committee took into account Guggenheim&rsquo;s unique investment strategy for the Fund,
which is to combine a credit managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As part of its evaluation of the Fund&rsquo;s advisory fee, the
Committee considered how such fee compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant
to similar investment strategies, noting that, in certain instances, Guggenheim charges a lower advisory fee to such other clients. In
this connection, the Committee considered, among other</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>3</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="width: 99%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Contractual advisory fee rankings represent the percentile ranking of the Fund&rsquo;s contractual advisory fee relative to peers assuming that the contractual advisory fee for each fund in the peer group is calculated on the basis of the Fund&rsquo;s average managed assets.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><SUP>4</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp; &nbsp; &nbsp; </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">The &ldquo;net effective management fee&rdquo; for the Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>111</SUP></P>






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

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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">things, Guggenheim&rsquo;s representations about the significant
differences between managing registered funds as compared to other types of accounts and differences between managing a closed-end fund
as compared to an open-end fund. The Committee also considered Guggenheim&rsquo;s explanation that lower fees are charged in certain instances
due to various other factors, including the scope of contract, type of investors, differences in fee structure, applicable legal, governance
and capital structures, tax status and historical pricing reasons. In addition, the Committee took into account Guggenheim&rsquo;s discussion
of the entrepreneurial, legal, regulatory and operational risks involved with the Fund as compared to other types of accounts. The Committee
concluded that the information it received demonstrated that the aggregate services provided to, and the specific circumstances of, the
Fund were sufficiently different from the services provided to, or the specific circumstances of, other clients, respectively, with similar
investment strategies and/or the risks borne by Guggenheim were sufficiently greater than those associated with managing other clients
with similar investment strategies to support the difference in fees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">With respect to the costs of services provided and benefits realized
by Guggenheim Investments from its relationship with the Fund, the Committee reviewed a profitability analysis and data from management
setting forth the average assets under management for the twelve months ended December 31, 2020, gross revenues received by Guggenheim
Investments, expenses allocated to the Fund, earnings and the operating margin/profitability rate, including variance information relative
to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and
addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In the course of its review of Guggenheim Investments&rsquo; profitability,
the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered
all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and
the profitability rates presented.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee also considered other benefits available to the Adviser
because of its relationship with the Fund and noted Guggenheim&rsquo;s statement that it does not believe the Adviser derives any such
&ldquo;fall-out&rdquo; benefits. In this regard, the Committee noted Guggenheim&rsquo;s statement that, although it does not consider
such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility
of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including
the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Based on the foregoing, and based on other information received
(both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the comparative
fees and the benefits realized by the Adviser from its relationship with the Fund were appropriate and that the Adviser&rsquo;s profitability
from its relationship with the Fund was not unreasonable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Economies of Scale: </I>The Committee received and considered
information regarding whether there have been economies of scale with respect to the management of the Fund as the Fund&rsquo;s assets</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>112 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">grow, whether the Fund has appropriately benefited from any economies
of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies
of scale in the provision of services to the Fund were being passed along to and shared with the shareholders. The Committee considered
that advisory fee breakpoints generally are not relevant given the structural nature of closed-end funds, which, though able to conduct
additional share offerings periodically, do not continuously offer new shares and thus, do not experience daily inflows and outflows of
capital. In addition, the Committee considered that the Adviser&rsquo;s research intensive investment strategy for the Fund required greater
resources as the size of the Fund increased and took into account that given the relative size of the Fund, Guggenheim does not believe
breakpoints are appropriate at this time. The Committee also noted the additional shares offered by the Fund through secondary offerings
in the past and considered that to the extent the Fund&rsquo;s assets increase over time (whether through additional periodic offerings
or internal growth from asset appreciation), the Fund and its shareholders should realize economies of scale as certain expenses, such
as fixed fund fees, become a smaller percentage of overall assets. The Committee also took into account the competitiveness of the Fund&rsquo;s
contractual advisory fee (based on average managed assets), which ranks in near the median of its peer group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Based on the foregoing, and based on other information received
(both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the Fund&rsquo;s
advisory fee was reasonable.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sub-Advisory Agreement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Nature, Extent and Quality of Services Provided by the Sub-Adviser:
</I>As noted above, because both the Adviser and Sub-Adviser for the Fund&mdash;GFIA and GPIM, respectively&mdash;are part of Guggenheim
Investments and the services provided by the Adviser on the one hand and the Sub-Adviser on the other cannot be ascribed to distinct legal
entities, the Committee did not evaluate the services provided under the Investment Advisory Agreement and Sub-Advisory Agreement separately.
Therefore, the Committee considered the qualifications, experience and skills of the Fund&rsquo;s portfolio management team in connection
with the Committee&rsquo;s evaluation of Guggenheim&rsquo;s investment professionals under the Investment Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">With respect to Guggenheim&rsquo;s resources and the Sub-Adviser&rsquo;s
ability to carry out its responsibilities under the Sub-Advisory Agreement, as noted above, the Committee considered the financial condition
of GPIMH and the various entities comprising Guggenheim Investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee also considered the acceptability of the terms of
the Sub-Advisory Agreement, including the scope of services required to be performed by the Sub-Adviser.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Investment Performance: </I>The Committee considered the returns
of the Fund under its evaluation of the Investment Advisory Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Comparative Fees, Costs of Services Provided and the Benefits
Realized by the SubAdviser from Its Relationship with the Fund: </I>The Committee considered that the Sub-Advisory Agreement is with an</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>113</SUP></P>





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

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  <TR>
    <TD STYLE="width: 83%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>APPROVAL OF ADVISORY AGREEMENTS &ndash; GUGGENHEIM</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>STRATEGIC OPPORTUNITIES FUND (GOF) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">affiliate of the Adviser, that the Adviser compensates the Sub-Adviser
from its own fees so that the sub-advisory fee rate with respect to the Fund does not impact the fees paid by the Fund and that the Sub-Adviser&rsquo;s
revenues were included in the calculation of Guggenheim Investments&rsquo; profitability. Given its conclusion of the reasonableness of
the advisory fee, the Committee concluded that the sub-advisory fee rate for the Fund was reasonable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Economies of Scale: </I>The Committee recognized that, because
the Sub-Adviser&rsquo;s fees are paid by the Adviser and not the Fund, the analysis of economies of scale was more appropriate in the
context of the Committee&rsquo;s consideration of the Investment Advisory Agreement, which was separately considered. (See &ldquo;Investment
Advisory Agreement &ndash; Economies of Scale&rdquo; above.)</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Overall Conclusions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Committee concluded that the investment advisory fees are fair
and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of each
Advisory Agreement is in the best interest of the Fund. In reaching this conclusion, no single factor was determinative or conclusive
and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors.
At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of each Advisory Agreement for
an additional annual term.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>114 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 72%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DIVIDEND REINVESTMENT PLAN (Unaudited)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Unless the registered owner of common shares elects to receive
cash by contacting Computershare Trust Company, N.A. (the &ldquo;Plan Administrator&rdquo;), all dividends declared on common shares of
the Fund will be automatically reinvested by the Plan Administrator for shareholders in the Fund&rsquo;s Dividend Reinvestment Plan (the
&ldquo;Plan&rdquo;), 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Plan Administrator will open an account for each common shareholder
under the Plan in the same name in which such common shareholder&rsquo;s common shares are registered. Whenever the Fund declares a dividend
or other distribution (together, a &ldquo;Dividend&rdquo;) 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&rsquo;
accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares
from the Fund (&ldquo;Newly Issued Common Shares&rdquo;) or (ii) by purchase of outstanding common shares on the open market (&ldquo;Open-Market
Purchases&rdquo;) 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&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>115</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 78%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>DIVIDEND REINVESTMENT PLAN (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Plan Administrator maintains all shareholders&rsquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>116 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited)</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>CHANGES OCCURRING DURING THE PRIOR FISCAL YEAR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>The following information in this annual report is a summary
of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you
purchased shares of the Fund).</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">The Board of Trustees of the Fund has approved the proposed mergers
of Guggenheim Credit Allocation Fund (&ldquo;GGM&rdquo;) and Guggenheim Enhanced Equity Income Fund (&ldquo;GPM&rdquo;) with and into
the Fund (each a &ldquo;Merger&rdquo; and, together, the &ldquo;Mergers&rdquo;) and the related Agreement and Plan of Merger between GGM
and the Fund and GPM and the Fund, subject to certain conditions, including approval of the shareholders of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">Shareholders of GGM and GPM would receive newly issued common shares
of the Fund, the aggregate net asset value (not the market value) of which will equal the aggregate net asset value (not the market value)
of their common shares held immediately prior to the Mergers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">Approval of the Merger of GPM with and into the Fund is not contingent
upon approval of GGM into the Fund, and approval of the Merger of GGM with and into the Fund is not contingent upon approval of GPM into
the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">It is currently expected that the Mergers will be completed in
the third or fourth quarter of 2021, subject to the receipt of required shareholder approvals and the satisfaction of applicable regulatory
requirements and other customary closing conditions. Additional information will be included in the proxy materials that are anticipated
to be mailed to shareholders around the third quarter of 2021. This supplement is not a solicitation of a proxy.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt"><B>Recent Market Developments Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">Periods of market volatility remain, and may continue to occur
in the future, in response to various political, social and economic events both within and outside of the United States. These conditions
have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack
of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the
Fund, including by making valuation of some of the Fund&rsquo;s securities uncertain and/or result in sudden and significant valuation
increases or declines in the Fund&rsquo;s holdings. If there is a significant decline in the value of the Fund&rsquo;s portfolio, this
may impact the asset coverage levels for the Fund&rsquo;s outstanding leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">Risks resulting from any future debt or other economic crisis could
also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and the Fund&rsquo;s
business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer
confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other
factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors,
the Fund&rsquo;s business, financial condition and results of operations could be significantly and adversely affected. Downgrades to
the credit</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>117</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">ratings of major banks could result in increased borrowing costs
for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest
rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising
interest rates and/or unfavorable economic conditions could impair the Fund&rsquo;s ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt 20pt">The outbreak of COVID-19 and the current recovery underway has
caused disruption to consumer demand and economic output and supply chains. There are still travel restrictions and quarantines, and adverse
impacts on 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, including by providing direct capital infusions into companies, introducing
new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates and higher inflation.
These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility
in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty
and adversely affect the value of the Fund&rsquo;s investments and the performance of the Fund.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PRINCIPAL INVESTMENT OBJECTIVE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s investment objective is to maximize total return
through a combination of current income and capital appreciation. The Fund cannot ensure investors that it will achieve its investment
objective. The Fund&rsquo;s investment objective is considered fundamental and may not be changed without the approval of Common Shareholders.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PRINCIPAL INVESTMENT STRATEGIES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund will pursue a relative value-based investment philosophy,
which utilizes quantitative and qualitative analysis to seek to identify securities or spreads between securities that deviate from their
perceived fair value and/or historical norms. The Sub-Adviser seeks to combine a credit managed fixed income portfolio with access to
a diversified pool of alternative investments and equity strategies. The Fund&rsquo;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 as compared to such benchmark indexes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Sub-Adviser&rsquo;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&rsquo;s investment</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>118 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">objective and top-down sector allocations. In managing the Fund,
the Sub- Adviser 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. The Sub-Adviser also considers macroeconomic outlook and geopolitical issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may allocate its assets among a wide variety of Income
Securities and Common Equity Securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest without limitation in below-investment grade
securities (e.g., securities rated below Baa3 by Moody&rsquo;s Investors Service, Inc., below BBB- by Standard &amp; Poor&rsquo;s Ratings
Group or Fitch Ratings or comparably rated by another nationally recognized statistical rating organization or, if unrated, determined
by the Sub- Adviser to be of comparable quality). Below-investment grade securities are commonly referred to as &ldquo;high-yield&rdquo;
or &ldquo;junk&rdquo; bonds and are considered speculative with respect to the issuer&rsquo;s capacity to pay interest and repay principal.
The Fund&rsquo;s investments in any of the sectors and types of Income Securities in which the Fund may invest may include, without limitation,
below investment grade securities. The Fund&rsquo;s investments in below investment grade securities may include distressed and defaulted
securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under normal market conditions, the Fund will not invest more than:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Courier New, Courier, Monospace">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">50% of its total assets
in Common Equity Securities consisting of common stock;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>30% of its total assets in Investment Funds;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>20% of its total assets in non-U.S. dollar-denominated Income Securities of
corporate and governmental issuers located outside the United States; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/107% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>10% of its total assets in Income Securities of issuers in emerging markets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The percentage of the Fund&rsquo;s total assets allocated to any
category of investment may at any given time be significantly less than the maximum percentage permitted pursuant to the above referenced
investment policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Unless otherwise stated, the Fund&rsquo;s investment policies are
considered non-fundamental and may be changed by the Board of Trustees without Common Shareholder approval. The Fund will provide investors
with at least 60 days&rsquo; prior written notice of any change in the Fund&rsquo;s investment policies.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PORTFOLIO COMPOSITION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following provides additional information about the types of
securities and other instruments in which the Fund will or may ordinarily invest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund will seek to achieve its investment objective by investing
in:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income Securities. </I>The Fund may invest in a wide range of
fixed- income and other debt and senior equity securities (&ldquo;Income Securities&rdquo;) selected from a variety of sectors and credit
qualities. The Fund may invest in Income Securities of any credit quality, including, without limitation, Income Securities rated below-investment
grade (commonly referred to as &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo; bonds), which are considered speculative with respect to
the issuer&rsquo;s capacity to pay interest and repay</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>119</SUP></P>




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">principal. The sectors and types of Income Securities in which
the Fund may invest, include, but are not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate
                                            bonds;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Loans
                                            and loan participations (including senior secured floating rate loans, &ldquo;second lien&rdquo;
                                            secured floating rate loans, and other types of secured and unsecured loans with fixed and
                                            variable interest rates) (collectively, &ldquo;Loans&rdquo;);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Structured
                                            finance investments (including residential and commercial mortgage-related securities, asset-
                                            backed securities, collateralized debt obligations and risk-linked securities);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">U.S.
                                            government and agency securities;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mezzanine
                                            and preferred securities; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Common Equity Securities and Covered Call Option Strategy. </I>The
Fund may invest in common stocks, limited liability company interests, trust certificates and other equity investments (&ldquo;Common
Equity Securities&rdquo;) that the Sub-Adviser believes offer attractive yield and/or capital appreciation potential. As part of its Common
Equity Securities strategy, the Fund currently intends to employ a strategy of writing (selling) covered call options and may, from time
to time, buy or sell put options on individual Common Equity Securities and, to a lesser extent, on indices of securities and sectors
of securities. This covered call option strategy is intended to generate current gains from option premiums as a means to enhance distributions
payable to the Fund&rsquo;s Common Shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Structured Finance Investments. </I>The Fund may invest in structured
finance investments, which are Income Securities and Common Equity Securities typically issued by special purpose vehicles that hold income-producing
securities (e.g., mortgage loans, consumer debt payment obligations and other receivables) and other financial assets. Structured finance
investments are tailored, or packaged, to meet certain financial goals of investors. Typically, these investments provide investors with
capital protection, income generation and/or the opportunity to generate capital growth. The Sub-Adviser believes that structured finance
investments provide attractive risk-adjusted returns, frequent sector rotation opportunities and prospects for adding value through security
selection. Structured finance investments include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Mortgage-Related Securities. </I>Mortgage-related securities
are a form of derivative collateralized by pools of commercial or residential mortgages. Pools of mortgage loans are assembled as securities
for sale to investors by various governmental, government-related and private organizations. These securities may include complex instruments
such as collateralized mortgage obligations, real estate investment trusts (&ldquo;REITs&rdquo;) (including debt and preferred stock issued
by REITs), and other real estate-related securities. The mortgage-related securities in which the Fund may invest include those with fixed,
floating or variable interest rates, those with interest rates that change based on multiples of changes in a specified index of interest
rates, and those with interest rates that change inversely to changes in interest rates, as well as those that do not bear interest. The
Fund may invest in residential and commercial mortgage-related securities issued by governmental entities and private issuers, including
subordinated mortgage-related securities. The underlying assets of certain</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>120 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">mortgage-related securities may be subject to prepayments, which
shorten the weighted average maturity and may lower the return of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Asset-Backed Securities. </I>Asset-backed securities (&ldquo;ABS&rdquo;)
are a form of structured debt obligation. ABS are payment claims that are securitized in the form of negotiable paper that is issued by
a financing company (generally called a special purpose vehicle). Collateral assets brought into a pool according to specific diversification
rules. A special purpose vehicle is founded for the purpose of securitizing these payment claims and the assets of the special purpose
vehicle are the diversified pool of collateral assets. The special purpose vehicle issues marketable securities which are intended to
represent a lower level or risk than an underlying collateral asset individually, due to the diversification in the pool. The redemption
of the securities issued by the special purpose vehicle takes place out of the cash flow generated by the collected assets. A special
purpose vehicle may issue multiple securities with different priorities to the cash flows generated and the collateral assets. The collateral
for ABS may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home
loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed
in the future. There is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments
on these securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Collateralized Debt Obligations. </I>A collateralized debt obligation
(&ldquo;CDO&rdquo;) is an asset-backed security whose underlying collateral is typically a portfolio of bonds, bank loans, other structured
finance securities and/or synthetic instruments. Where the underlying collateral is a portfolio of bonds, a CDO is referred to as a collateralized
bond obligation (&ldquo;CBO&rdquo;). Where the underlying collateral is a portfolio of bank loans, a CDO is referred to as a collateralized
loan obligation (&ldquo;CLO&rdquo;). Investors in CLOs bear the credit risk of the underlying collateral. Multiple tranches of securities
are issued by the CLO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine,
and subordinated/equity, according to their degree of risk. If there are defaults or the CLO&rsquo;s collateral otherwise underperforms,
scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take
precedence over those to subordinated/equity tranches. This prioritization of the cash flows from a pool of securities among the several
tranches of the CLO is a key feature of the CLO structure. If there are funds remaining after each tranche of debt receives its contractual
interest rate and the CLO meets or exceeds required collateral coverage levels (or other similar covenants), the remaining funds may be
paid to the subordinated (or residual) tranche (often referred to as the &ldquo;equity&rdquo; tranche). CLOs are subject to the same risk
of prepayment described with respect to certain mortgage-related and asset-backed securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in senior, rated tranches as well as mezzanine
and subordinated tranches of CLOs. Investment in the subordinated tranche is subject to special risks. The subordinated tranche does not
receive ratings and is considered the riskiest portion of the capital structure of a CLO because it bears the bulk of defaults from the
loans in the CLO and serves to protect the other, more senior tranches from default in all but the most severe circumstances.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>121</SUP></P>





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

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  <TR>
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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Risk-Linked Securities. </I>Risk-linked securities (&ldquo;RLS&rdquo;)
are a form of derivative issued by insurance companies and insurance-related special purpose vehicles that apply securitization techniques
to catastrophic property and casualty damages. RLS are typically debt obligations for which the return of principal and the payment of
interest are contingent on the non-occurrence of a pre-defined &ldquo;trigger event.&rdquo; Depending on the specific terms and structure
of the RLS, this trigger could be the result of a hurricane, earthquake or some other catastrophic event.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Real Property Asset Companies. </I>The Fund may invest in Income
Securities and Common Equity Securities issued by companies that own, produce, refine, process, transport and market &ldquo;real property
assets,&rdquo; such as real estate and the natural resources upon or within real estate (&ldquo;Real Property Asset Companies&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Personal Property Asset Companies. </I>The Fund may invest in
Income Securities and Common Equity Securities issued by companies that seek to profit primarily from the ownership, rental, leasing,
financing or disposition of personal (as opposed to real) property assets (&ldquo;Personal Property Asset Companies&rdquo;). Personal
(as opposed to real) property includes any tangible, movable property or asset. The Fund will typically seek to invest in Income Securities
and Common Equity Securities of Personal Property Asset Companies the investment performance of which is not expected to be highly correlated
with traditional market indexes because the personal property asset held by such company is non-correlated with traditional debt or equity
markets. Such personal property assets include special situation transportation assets (e.g., railcars, airplanes and ships) and collectibles
(e.g., antiques, wine and fine art).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Private Securities. </I>The Fund may invest in privately issued
Income Securities and Common Equity Securities of both public and private companies (&ldquo;Private Securities&rdquo;). Private Securities
have additional risk considerations than comparable public securities, including availability of financial information about the issuer
and valuation and liquidity issues.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Investment Funds. </I>As an alternative to holding investments
directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities by investing in other investment
companies, including registered investment companies, private investment funds and/or other pooled investment vehicles (collectively,
&ldquo;Investment Funds&rdquo;). The Fund may invest up to 30% of its total assets in Investment Funds that primarily hold (directly or
indirectly) investments in which the Fund may invest directly. The 1940 Act generally limits a registered investment company&rsquo;s investments
in other investment companies to 10% of its total assets. However, pursuant to exemptions set forth in rules and regulations promulgated
under the 1940 Act, the Fund may invest in excess of this limitation provided that the conditions of such exemptions are met. In addition,
the Fund may invest in certain ETFs in excess of the 10% limitation in reliance upon and in accordance with exemptive relief obtained
by such ETFs. The Fund will invest in private investment funds, commonly referred to as &ldquo;hedge funds,&rdquo; only to the extent
permitted by applicable rules, regulations and interpretations of the SEC and NYSE. The Fund has no current intention to invest in private
investment funds. Investments in other Investment Funds involve operating expenses and fees at</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>122 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the Investment Fund level that are in addition to the expenses
and fees borne by the Fund and are borne indirectly by holders of the Fund&rsquo;s Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Synthetic Investments. </I>As an alternative to holding investments
directly, the Fund may also obtain investment exposure to Income Securities and Common Equity Securities through the use of customized
derivative instruments (including swaps, options, forwards, notional principal contracts or other financial instruments) to replicate,
modify or replace the economic attributes associated with an investment in Income Securities and Common Equity Securities (including interests
in Investment Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Derivative Transactions. </I>The Fund may purchase and sell
derivative instruments (which derive their value by reference to another instrument, security or index) for investment purposes, such
as obtaining investment exposure to an investment category; risk management purposes, such as hedging against fluctuations in securities
prices or interest rates; diversification purposes; or to change the duration of the Fund. The Sub-Adviser seeks to allocate derivative
transactions to limit exposure to any single counterparty. The Fund has not adopted a maximum percentage limit with respect to derivative
investments. However, the maximum level of and types of derivative transactions used by the Fund will be approved by the Board of Trustees
and the Board of Trustees will receive regular reports from the Investment Adviser and the Sub-Adviser regarding the Fund&rsquo;s use
of derivative instruments and the effect of derivative transactions on the management of the Fund&rsquo;s portfolio and the performance
of the Fund.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>USE OF LEVERAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may utilize leverage up to the limits imposed by the
1940 Act. Under the 1940 Act, the Fund may utilize Financial Leverage in the form of indebtedness in an aggregate amount up to 33<SUP>1/3</SUP>%
of the Fund&rsquo;s Managed Assets (including the proceeds of such leverage) immediately after incurring such indebtedness. Under the
1940 Act, the Fund may utilize leverage in the form of preferred shares in an aggregate amount of up to 50% of the Fund&rsquo;s total
assets (including the proceeds of such leverage) immediately after such issuance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund currently employs leverage through a committed facility
provided to the Fund by BNP Paribas. Although 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. Leverage may
cause greater changes in the Fund&rsquo;s net asset value (&ldquo;NAV&rdquo;) and returns than if leverage had not been used.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s borrowings under the committed facility are collateralized
by portfolio assets, which are maintained by the Fund in a separate account with the Fund&rsquo;s custodian for the benefit of the lender,
which collateral exceeds the amount borrowed. Securities deposited in the collateral account may be rehypothecated by the lender subject
to the terms and conditions of the facility agreements. In the event of a default by the Fund under its committed facility, the lender
has the right to sell such collateral assets to satisfy the Fund&rsquo;s obligation to the lender. The committed facility agreement includes
usual and customary covenants. These covenants impose on the Fund asset coverage</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>123</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">requirements, collateral requirements, investment strategy requirements,
and certain financial obligations. These covenants place limits or restrictions on the Fund&rsquo;s ability to (i) enter into additional
indebtedness with a party other than BNP Paribas, (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 &ldquo;closed-end management investment company&rdquo; as defined in the 1940 Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, the Fund may engage in certain derivatives transactions
that have economic characteristics similar to leverage. To the extent the terms of such transactions obligate the Fund to make payments,
the Fund intends to earmark or segregate cash or liquid securities in an amount at least equal to the current value of the amount then
payable by the Fund under the terms of such transactions or otherwise cover such transactions in accordance with applicable interpretations
of the staff of the SEC. To the extent the terms of such transactions obligate the Fund to deliver particular securities to extinguish
the Fund&rsquo;s obligations under such transactions the Fund may &ldquo;cover&rdquo; its obligations under such transactions by either
(i) owning the securities or collateral underlying such transactions or (ii) having an absolute and immediate right to acquire such securities
or collateral without additional cash consideration (or, if additional cash consideration is required, having earmarked or segregated
cash or liquid securities). Such segregation or cover is intended to provide the Fund with available assets to satisfy its obligations
under such transactions. As a result of such segregation or cover, the Fund&rsquo;s obligations under such transactions will not be considered
senior securities representing indebtedness for purposes of the 1940 Act, or included in calculating the aggregate amount of the Fund&rsquo;s
Financial Leverage. To the extent that the Fund&rsquo;s obligations under such transactions are not so segregated or covered, such obligations
may be considered &ldquo;senior securities representing indebtedness&rdquo; under the 1940 Act and therefore subject to the 300% asset
coverage requirement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In October 2020, the SEC adopted a final rule related to the use
of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and
withdraw the guidance of the SEC and its staff regarding asset segregation and cover transactions reflected in the Fund&rsquo;s asset
segregation and cover practices discussed herein. See &ldquo;Derivatives Transactions Risk&rdquo; below for additional information regarding
the final rule. The final rule&rsquo;s requirements may increase the cost of a Fund&rsquo;s investments and cost of doing business, which
could adversely affect investors.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>TEMPORARY DEFENSIVE INVESTMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At any time when a temporary defensive posture is believed by the
Sub-Adviser to be warranted (a &ldquo;temporary defensive period&rdquo;), the Fund may, without limitation, hold cash or invest its assets
in money market instruments and repurchase agreements in respect of those instruments. The Fund</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>124 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">may not achieve its investment objective during a temporary defensive
period or be able to sustain its historical distribution levels.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PRINCIPAL RISKS OF THE FUND</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investment in the Fund involves special risk considerations, which
are summarized below. The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete
investment program. The Fund&rsquo;s performance and the value of its investments will vary in response to changes in interest rates,
inflation and other market factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Not a Complete Investment Program</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">An investment in the Common Shares of the Fund should not be considered
a complete investment program. A Fund is intended for long-term investors seeking current income and capital appreciation. An investment
in the Fund is not meant to provide a vehicle for those who wish to play short-term swings in the market. Shareholders should take into
account the Fund&rsquo;s investment objective as well as shareholder&rsquo;s other investments when considering an investment in the Fund.
Before making an investment decision, a prospective investor should consider (i) the suitability of this investment with respect to his
or her investment objectives and personal situation and (ii) factors such as his or her personal net worth, income, age, risk tolerance
and liquidity needs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment and Market Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">An investment in Common Shares of the Fund is subject to investment
risk, particularly under current economic, financial, labor and health conditions, including the possible loss of the entire principal
amount that you invest. An investment in the Common Shares of the Fund represents an indirect investment in the securities owned by the
Fund. The value of, or income generated by, the investments held by the Fund are subject to the possibility of rapid and unpredictable
fluctuation. 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, natural/environmental disasters, cyber attacks, terrorism, governmental or quasi-governmental actions,
public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, that each of
which may be temporary or last for extended periods. For example, the risks of a borrower&rsquo;s default or bankruptcy or non-payment
of scheduled interest or principal payments from senior floating rate interests held by the Fund are especially acute under these conditions.
Furthermore, interest rates and bond yields may fall as a result of types of events, including responses by governmental entities to such
events, which would magnify the Fund&rsquo;s fixed-income instruments&rsquo; susceptibility to interest rate risk and diminish their yield
and performance. Moreover, the Fund&rsquo;s investments in ABS are subject to many of the same risks that are applicable to investments
in securities generally, including interest rate risk, credit risk, foreign currency risk, below-investment grade securities risk, financial
leverage risk, prepayment and regulatory risk, which would be elevated under the foregoing circumstances.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>125</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Different sectors, industries and security types may react differently
to such developments and, when the market performs well, there is no assurance that the Fund&rsquo;s investments will increase in value
along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described
above, can expose the Fund to greater market risk than normal, possibly resulting in greatly reduced liquidity. Moreover, changing economic,
political, social or financial market conditions in one country or geographic region could adversely affect the value, yield and return
of the investments held by the Fund in a different country or geographic region because of the increasingly interconnected global economies
and financial markets. The Adviser and Sub-Adviser potentially could be prevented from considering, managing and executing investment
decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions
causing heightened market volatility and reduced market liquidity, such as the current conditions, which have also resulted in impediments
to the normal functioning of workforces, including personnel and systems of the Fund&rsquo;s service providers and market intermediaries.
The value of the securities owned by the Fund may decline due to general market conditions that are not specifically related to a particular
issuer, such as real or perceived economic conditions, changes in interest or currency rates or changes in investor sentiment or market
outlook generally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At any point in time, your Common Shares may be worth less than
your original investment, including the reinvestment of Fund dividends and distributions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Management Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund is subject to management risk because it has an actively
managed portfolio. The Sub-Adviser will apply investment techniques and risk analysis in making investment decisions for the Fund, but
there can be no guarantee that these will produce the desired results. The Fund&rsquo;s allocation of its investments across various asset
classes and sectors may vary significantly over time based on the Adviser&rsquo;s analysis and judgment. As a result, the particular risks
most relevant to an investment in the Fund, as well as the overall risk profile of the Fund&rsquo;s portfolio, may vary over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Income Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The income investors receive from the Fund is based primarily on
the interest it earns from its investments in Income Securities, which can vary widely over the short- and long-term. If prevailing market
interest rates drop, investors&rsquo; income from the Fund could drop as well. The Fund&rsquo;s income could also be affected adversely
when prevailing short-term interest rates increase and the Fund is utilizing leverage, although this risk is mitigated to the extent the
Fund invests in floating-rate obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Dividend Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dividends on common stock and other Common Equity Securities which
the Fund may hold are not fixed but are declared at the discretion of an issuer&rsquo;s board of directors. There is no guarantee that
the issuers of the Common Equity Securities in which the Fund invests will declare dividends in the future or that, if declared, they
will remain at current levels or increase over time. These</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>126 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">circumstances may result from issuer-specific events, adverse economic
or market developments, or legislative or regulatory changes or other developments that limit an issuer&rsquo;s ability to declare and
pay dividends, which would affect the Fund&rsquo;s performance and ability to generate income. The dividend income from the Fund&rsquo;s
investment in Common Equity Securities will be influenced by both general economic activity and issuer-specific factors. In the event
of adverse changes in economic conditions or adverse events effecting a specific industry or issuer, the issuers of the Common Equity
Securities held by the Fund may reduce the dividends paid on such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Income Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition to the risks discussed above, Income Securities, including
high-yield bonds, are subject to certain risks, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><U>Issuer Risk</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The value of Income Securities may decline for a number of reasons
which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer&rsquo;s goods and
services, historical and projected earnings, and the value of its assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><U>Spread Risk</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Spread risk is the risk that the market price can change due to
broad based movements in spreads, which is particularly relevant in the current low spread environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Credit Risk</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund could lose money if the issuer or guarantor of a debt
instrument or a counterparty to a derivatives transaction or other transaction (such as a repurchase agreement or a loan of portfolio
securities or other instruments) is unable or unwilling, or perceived to be unable or unwilling, to pay interest or repay principal on
time or defaults. If an issuer fails to pay interest, the Fund&rsquo;s income would likely be reduced, and if an issuer fails to repay
principal, the value of the instrument likely would fall and the Fund could lose money. This risk is especially acute with respect to
below investment grade debt instruments (commonly referred to as &ldquo;high-yield&rdquo; or &ldquo;junk&rdquo; bonds) and unrated high
risk debt instruments, whose issuers are particularly susceptible to fail to meet principal or interest obligations under current conditions.
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&rsquo;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&rsquo;s liquidity and make it more difficult for the Fund to sell at an advantageous price or
time. The risk of the occurrence of these types of events is heightened under current conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The degree of credit risk depends on the particular instrument
and the financial condition of the issuer, guarantor or counterparty, which are often reflected in its credit quality. Credit quality
is a measure of the issuer&rsquo;s expected ability to make all required interest and principal payments in a</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>127</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">timely manner. An issuer with the highest credit rating has a very
strong capacity with respect to making all payments. An issuer with the second-highest credit rating has a strong capacity to make all
payments, but the degree of safety is somewhat less. An issuer with the lowest credit quality rating may be in default or have extremely
poor prospects of making timely payment of interest and principal. Credit ratings assigned by rating agencies are based on a number of
factors and subjective judgments and therefore do not necessarily represent an issuer&rsquo;s actual financial condition or the volatility
or liquidity of the security. Although higher-rated securities generally present lower credit risk as compared to lower-rated or unrated
securities, an issuer with a high credit rating may in fact be exposed to heightened levels of credit or liquidity risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Interest Rate Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 Offer Rate), may adversely affect the Fund&rsquo;s investments in
these instruments, such as 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&rsquo;s yield, income
and performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The value of a debt instrument with a longer duration will generally
be more sensitive to interest rate changes than a similar instrument with a shorter duration. Similarly, the longer the average duration
(whether positive or negative) of these instruments held by the Fund or to which the Fund is exposed (i.e., the longer the average portfolio
duration of the Fund), the more the Fund&rsquo;s NAV will likely fluctuate in response to interest rate changes. Duration is a measure
used to determine the sensitivity of a security&rsquo;s price to changes in interest rates that incorporates a security&rsquo;s yield,
coupon, final maturity and call features, among other characteristics. For example, the NAV per share of a bond fund with an average duration
of eight years would be expected to fall approximately 8% if interest rates rose by one percentage point.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">However, measures such as duration may not accurately reflect the
true interest rate sensitivity of instruments held by the Fund and, in turn, the Fund&rsquo;s susceptibility to changes in interest rates.
Certain fixed-income and debt instruments are subject to the risk that the issuer may exercise its right to redeem (or call) the instrument
earlier than anticipated. Although an issuer may call an instrument for a variety of reasons, if an issuer does so during a time of declining
interest rates, the Fund might have to reinvest the proceeds in an investment offering a lower yield or other less favorable features,
and therefore might not benefit from any increase in value as a result of declining interest rates. Interest only or principal only securities
and inverse floaters are particularly sensitive to changes in interest rates, which may impact the income generated by the security and
other features of the security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjustable rate securities also react to interest rate changes
in a similar manner as fixed-rate securities but generally to a lesser degree depending on the characteristics of the security, in particular
its reset terms (i.e., the index chosen, frequency of reset and reset caps or floors). During</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>128 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">periods of rising interest rates, because changes in interest rates
on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates
reset to market rates. These securities also may be subject to limits on the maximum increase in interest rates. During periods of declining
interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise
to the same extent as the value of comparable fixed rate securities. These securities may not be subject to limits on downward adjustments
of interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During periods of rising interest rates, issuers of debt securities
or asset-backed securities may pay principal later or more slowly than expected, which may reduce the value of a Fund&rsquo;s investment
in such securities and may prevent the Fund from receiving higher interest rates on proceeds reinvested in other instruments. During periods
of falling interest rates, issuers of debt securities or asset-backed securities may pay off debts more quickly or earlier than expected,
which could cause the Fund to be unable to recoup the full amount of its initial investment and/or cause the Fund to reinvest in lower-yielding
securities, thereby reducing the Fund&rsquo;s yield or otherwise adversely impacting the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Certain debt instruments, such as instruments with a negative duration
or inverse instruments, are also subject to interest rate risk, although such instruments generally react differently to changes in interest
rates than instruments with positive durations. The Fund&rsquo;s investments in these instruments also may be adversely affected by changes
in interest rates. For example, the value of instruments with negative durations, such as inverse floaters, generally decrease if interest
rates decline.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s use of leverage will tend to increase Common Share
interest rate risk. The Fund may utilize certain strategies, including taking positions in futures or interest rate swaps, for the purpose
of reducing the interest rate sensitivity of credit securities held by the Fund and decreasing the Fund&rsquo;s exposure to interest rate
risk. The Fund is not required to hedge its exposure to interest rate risk and may choose not to do so. In addition, there is no assurance
that any attempts by the Fund to reduce interest rate risk will be successful or that any hedges that the Fund may establish will perfectly
correlate with movements in interest rates.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Current Fixed-Income and Debt Market Conditions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 or 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&rsquo;s susceptibility
to interest rate risk and diminishing yield and performance. In</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>129</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">addition, the current environment is exposing fixed-income and
debt markets to significant volatility and reduced liquidity for Fund investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Corporate Bond Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The market value of a corporate bond may be affected by factors
directly related to the issuer, such as investors&rsquo; perceptions of the creditworthiness of the issuer, the issuer&rsquo;s financial
performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer&rsquo;s capital structure
and use of financial leverage and demand for the issuer&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Reinvestment Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Reinvestment risk is the risk that income from the Fund&rsquo;s
portfolio will decline if the Fund invests the proceeds from matured, traded or called Income Securities at market interest rates that
are below the Fund portfolio&rsquo;s current earnings rate. A decline in income could affect the Common Shares&rsquo; market price or
the overall return of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Prepayment Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 (or an investment
is converted or redeemed prior to maturity). For example, an issuer may exercise its right to redeem outstanding debt securities prior
to their maturity (known as a &ldquo;call&rdquo;) or otherwise pay principal earlier than expected for a number of reasons (e.g., declining
interest rates, changes in credit spreads and improvements in the issuer&rsquo;s credit quality). If an issuer calls or &ldquo;prepays&rdquo;
a security in which the Fund has invested, the Fund may not recoup the full amount of its initial investment and may be required to reinvest
in generally lower-yielding securities, securities with greater credit risks or securities with other, less favorable features or terms
than the security in which the Fund initially invested, thus potentially reducing the Fund&rsquo;s yield. Income Securities frequently
have call features that allow the issuer to repurchase the security prior to its stated maturity. Loans and mortgage- and other asset-backed
securities are particularly subject to prepayment risk, and offer less potential for gains, during periods of declining interest rates
(or narrower spreads) as issuers of higher interest rate debt instruments pay off debts earlier than expected. In addition, the Fund may
lose any premiums paid to acquire the investment. Other factors, such as excess cash flows, may also contribute to prepayment risk. Thus,
changes in interest rates may cause volatility in the value of and income received from these types of debt instruments.Variable or floating
rate investments may be less vulnerable to prepayment risk. Most floating rate loans and fixed-income securities allow for prepayment
of principal without penalty. Accordingly, the potential for the value of a floating rate loan or security to increase in response to
interest rate declines is limited. Corporate loans or fixed-income securities purchased to replace a prepaid corporate loan or security
may have lower yields than the yield on the prepaid corporate loan or security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>130 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Liquidity Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest without limitation in Income Securities for
which there is no readily available trading market or which are unregistered, restricted or otherwise illiquid, including certain high-yield
securities. The Fund may invest in privately issued securities of both public and private companies, which may be illiquid. Securities
of below investment grade quality tend to be less liquid than investment grade debt securities, and securities of financial distressed
or bankrupt issuers may be particularly illiquid. Loans typically are not registered with the SEC and are not listed on any securities
exchange and may at times be illiquid. Loan investments through participations and assignments are typically illiquid. 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. The securities and obligations of foreign issuers, particular
issuers in emerging markets, may be more likely to experience periods of illiquidity. Derivative instruments, particularly privately-negotiated
or OTC derivatives, may be illiquid, although can be no assurance that a liquid market will exist when the Fund seeks to close out an
exchange-traded derivative position. The Fund may not be able to readily dispose of illiquid securities and obligations at prices that
approximate those at which the Fund could sell such securities and obligations if they were more widely traded and, as a result of such
illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations.
In addition, limited liquidity could affect the market price of Income Securities, thereby adversely affecting the Fund&rsquo;s NAV and
ability to make distributions. Dislocations in certain parts of markets are resulting in reduced liquidity for certain investments. It
is uncertain when financial markets will improve. Liquidity of financial markets may also be affected by government intervention.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Valuation of Certain Income Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Sub-Adviser may use the fair value method to value investments
if market quotations for them are not readily available or are deemed unreliable, or if events occurring after the close of a securities
market and before the Fund values its assets would materially affect net asset value. Because the secondary markets for certain investments
may be limited, they may be difficult to value. Where market quotations are not readily available, valuation may require more research
than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments
with a more active secondary market because there is less reliable objective data available. A security that is fair valued may be valued
at a price higher or lower than the value determined by other funds using their own fair valuation procedures. Prices obtained by the
Fund upon the sale of such securities may not equal the value at which the Fund carried the investment on its books, which would adversely
affect the net asset value of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Duration an d Maturity Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has no set policy regarding portfolio maturity or duration.
Holding long duration and long maturity investments will expose the Fund to certain magnified risks. These risks include interest rate
risk, credit risk and liquidity risks as discussed above. Generally speaking, the longer</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>131</SUP></P>





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

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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the duration of the Fund&rsquo;s portfolio, the more exposure the
Fund will have to interest rate risk described above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><U>Below-Investment Grade Securities Risk</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in Income Securities rated below-investment
grade or, if unrated, determined by the Sub-Adviser to be of comparable credit quality, which are commonly referred to as &ldquo;high-yield&rdquo;
or &ldquo;junk&rdquo; bonds. Investment in securities of below-investment grade quality involves substantial risk of loss, the risk of
which is particularly acute under current conditions. Income Securities of below-investment grade quality are predominantly speculative
with respect to the issuer&rsquo;s capacity to pay interest and repay principal when due and therefore involve a greater risk of default
or decline in market value due to adverse economic and issuer-specific developments. Securities of below investment grade quality may
involve a greater risk of default or decline in market value due to adverse economic and issuer-specific developments. Accordingly, the
performance of the Fund and a shareholder&rsquo;s investment in the Fund may be adversely affected if an issuer is unable to pay interest
and repay principal, either on time or at all. Issuers of below investment grade securities are not perceived to be as strong financially
as those with higher credit ratings. These issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers,
which may impair their ability to make interest and principal payments. Income Securities of below-investment grade quality display increased
price sensitivity to changing interest rates and to a deteriorating economic environment. The market values, total return and yield for
securities of below investment grade quality tend to be more volatile than the market values, total return and yield for higher quality
bonds. Securities of below investment grade quality tend to be less liquid than investment grade debt securities and therefore more difficult
to value accurately and sell at an advantageous price or time and may involve greater transactions costs and wider bid/ask spreads, than
higher-quality securities. To the extent that a secondary market does exist for certain below investment grade securities, the market
for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because of the substantial
risks associated with investments in below investment grade securities, you could have an increased risk of losing money on your investment
in Common Shares, both in the short-term and the long-term. To the extent that the Fund invests in securities that have not been rated
by a nationally recognized statistical rating organization (&ldquo;NRSRO&rdquo;), the Fund&rsquo;s ability to achieve its investment objectives
will be more dependent on the Adviser&rsquo;s credit analysis than would be the case when the Fund invests in rated securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Successful investment in lower-medium and lower-rated debt securities
may involve greater investment risk and is highly dependent on the Adviser&rsquo;s credit analysis. The value of securities of below investment
grade quality is particularly vulnerable to changes in interest rates and a real or perceived economic downturn or higher interest rates
could cause a decline in prices of such securities by lessening the ability of issuers to make principal and interest payments. These
securities are often thinly traded or subject to irregular trading and can be more difficult to sell and value accurately than higher-quality
securities because there tends to be less public information available about these securities. Because objective pricing data may be less
available, judgment may</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>132 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">play a greater role in the valuation process. In addition, the
entire below investment grade market can experience sudden and sharp price swings due to a variety of factors, including changes in economic
forecasts, stock market activity, large or sustained sales by major investors, a high-profile default, or a change in the market&rsquo;s
psychology. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices
than those used in calculating the Fund&rsquo;s NAV.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><U>Structured Finance Investments Risk</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s structured finance investments may include residential
and commercial mortgage-related and other ABS issued by governmental entities and private issuers. While traditional fixed-income securities
typically pay a fixed rate of interest until maturity, when the entire principal amount is due, these investments represent an interest
in a pool of residential or commercial real estate or assets such as automobile loans, credit card receivables or student loans that have
been securitized and provide for monthly payments of interest and principal to the holder based from the cash flow of these assets. 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. While certain structured finance investments enable the investor to acquire
interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors
in structured finance investments generally pay their share of the structured product&rsquo;s administrative and other expenses. Although
it is difficult to predict whether the prices of indices and securities underlying structured finance investments will rise or fall, these
prices (and, therefore, the prices of structured finance investments) will be influenced by the same types of political and economic events
that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to
purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in
obtaining short-term financing, which may adversely affect the value of the structured finance investment owned by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in senior and subordinated classes issued by
structured finance vehicles. The payment of cash flows from the underlying assets to senior classes take precedence over those of subordinated
classes, and therefore subordinated classes are subject to greater risk. Furthermore, the leveraged nature of subordinated classes may
magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and
recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>133</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Structured finance securities may be thinly traded or have a limited
trading market. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I><U>Mortgage-Backed Securities Risk</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">MBS represent an interest in a pool of mortgages. MBS are subject
to certain risks: credit risk associated with the performance of the underlying mortgage properties and of the borrowers owning these
properties; 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); risks associated
with the servicer of the underlying mortgages; adverse changes in economic conditions and circumstances, which are more likely to have
an adverse impact on MBS secured by loans on certain types of commercial properties than on those secured by loans on residential properties;
prepayment risk, which can lead to significant fluctuations in the value of the MBS; loss of all or part of the premium, if any, paid;
and 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. The value of MBS may be substantially
dependent on the servicing of the underlying pool of mortgages. In addition, the Fund&rsquo;s level of investment in MBS of a particular
type or in MBS issued or guaranteed by affiliated obligors, serviced by the same servicer or backed by underlying collateral located in
a specific geographic region, may subject the Fund to additional risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">When market interest rates decline, more mortgages are refinanced
and the securities are paid off earlier than expected. Prepayments may also occur on a scheduled basis or due to foreclosure. When market
interest rates increase, the market values of MBS decline. At the same time, however, mortgage refinancings and prepayments slow, which
lengthens the effective maturities of these securities. As a result, the negative effect of the rate increase on the market value of MBS
is usually more pronounced than it is for other types of debt securities. In addition, due to increased instability in the credit markets,
the market for some MBS has experienced reduced liquidity and greater volatility with respect to the value of such securities, making
it more difficult to value such securities. The Fund may invest in sub-prime mortgages or MBS that are backed by sub-prime mortgages or
defaulted or nonperforming loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Additional risks relating to investments in mortgage-backed securities
may arise because of the type of mortgage-backed securities in which the Fund invests, defined by the assets collateralizing the mortgage-backed
securities. For example, CMOs may have complex or highly variable prepayment terms, such as companion classes, interest only or principal
only payments, inverse floaters and residuals. These investments generally entail greater market, prepayment and liquidity risks than
other mortgage-backed securities, and may be more volatile or less liquid than other mortgage-</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>134 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">backed securities. These risks are heightened under the currently
distressed economic, market, labor and public health conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Moreover, the relationship between prepayments and interest rates
may give some high-yielding MBS less potential for growth in value than conventional bonds with comparable maturities. In addition, during
periods of falling interest rates, the rate of prepayment tends to increase. During such periods, the reinvestment of prepayment proceeds
by the Fund will generally be at lower rates than the rates that were carried by the obligations that have been prepaid. Because of these
and other reasons, MBS&rsquo;s total return and maturity may be difficult to predict precisely. To the extent that the Fund purchases
MBS at a premium, prepayments (which may be made without penalty) may result in loss of the Fund&rsquo;s principal investment to the extent
of premium paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">MBS generally are classified as either commercial mortgage-backed
securities (&ldquo;CMBS&rdquo;) or residential mortgage-backed securities (&ldquo;RMBS&rdquo;), each of which are subject to certain specific
risks.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Commercial Mortgage-Backed Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The market for CMBS developed more recently and, in terms of total
outstanding principal amount of issues, is relatively small compared to the market for residential single-family MBS. CMBS are subject
to particular risks. CMBS are subject to risks associated with lack of standardized terms, shorter maturities than residential mortgage
loans and 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. Commercial lending typically
involves larger loans to single borrowers or groups of related borrowers than residential mortgage loans. In addition, the repayment of
loans secured by income producing properties typically is dependent upon the successful operation of the related real estate project and
the cash flow generated therefrom. Net operating income of an income-producing property can be affected by, among other things: tenant
mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of
properties, changes in laws that increase operating expense or limit rents that may be charged, any need to address environmental contamination
at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic conditions
and/or specific industry segments, declines in regional or local real estate values, declines in regional or local rental or occupancy
rates, increases in interest rates, real estate tax rates and other operating expenses, change in governmental rules, regulations and
fiscal policies, including environmental legislation, acts of God, terrorism, social unrest and civil disturbances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Consequently, adverse changes in economic conditions and circumstances
are more likely to have an adverse impact on MBS secured by loans on commercial properties than on those secured by loans on residential
properties. 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. Additional risks may be presented by the type and use of a particular
commercial property. Special risks are presented by hospitals, nursing homes, hospitality properties and certain other property types.
Commercial property values and net operating income are subject</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>135</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">to volatility, which may result in net operating income becoming
insufficient to cover debt service on the related mortgage loan. The exercise of remedies and successful realization of liquidation proceeds
relating to CMBS may be highly dependent on the performance of the servicer or special servicer. There may be a limited number of special
servicers available, particularly those that do not have conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Residential Mortgage-Backed Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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&rsquo;s equity in the mortgaged
property and the individual financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure on the
related residential property may be a lengthy and difficult process involving significant legal and other expenses. The net proceeds obtained
by the holder on a residential mortgage loan following the foreclosure on the related property may be less than the total amount that
remains due on the loan. The prospect of incurring a loss upon the foreclosure of the related property may lead the holder of the residential
mortgage loan to restructure the residential mortgage loan or otherwise delay the foreclosure process. These risks are elevated given
the current distressed economic, market, health and labor conditions, notably, increased levels of unemployment, delays and delinquencies
in payments of mortgage and rent obligations, and uncertainty regarding the effects and extent of government intervention with respect
to mortgage payments and other economic matters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sub-Prime Mortgage Market Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The residential mortgage market in the United States has experienced
difficulties that may adversely affect the performance and market value of certain mortgages and MBS. Delinquencies and losses on residential
mortgage loans (especially sub-prime and second-lien mortgage loans) generally have increased recently and may continue to increase, and
a decline in or flattening of housing values (as has recently been experienced and may continue to be experienced in many housing markets)
may exacerbate such delinquencies and losses. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest
rates, which affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates.
Also, a number of residential mortgage loan originators have experienced serious financial difficulties or bankruptcy. Largely due to
the foregoing, reduced investor demand for mortgage loans and MBS and increased investor yield requirements caused limited liquidity in
the secondary market for certain MBS, which can adversely affect the market value of MBS. It is possible that such limited liquidity in
such secondary markets could continue or worsen. If the economy of the United States deteriorates further, the incidence of mortgage foreclosures,
especially sub-prime mortgages, may increase, which may adversely affect the value of any MBS owned by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>136 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Any increase in prevailing market interest rates, which are currently
near historical lows, may result in increased payments for borrowers who have adjustable rate mortgages. Moreover, with respect to hybrid
mortgage loans after their initial fixed rate period, interest-only products or products having a lower rate, and with respect to mortgage
loans with a negative amortization feature which reach their negative amortization cap, borrowers may experience a substantial increase
in their monthly payment even without an increase in prevailing market interest rates. Increases in payments for borrowers may result
in increased rates of delinquencies and defaults on residential mortgage loans underlying the RMBS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The significance of the mortgage crisis and loan defaults in residential
mortgage loan sectors led to the enactment of numerous pieces of legislation relating to the mortgage and housing markets. These actions,
along with future legislation or regulation, may have significant impacts on the mortgage market generally and may result in a reduction
of available transactional opportunities for the Fund or an increase in the cost associated with such transactions and may adversely impact
the value of RMBS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the mortgage crisis, a number of originators and servicers
of residential and commercial mortgage loans, including some of the largest originators and servicers in the residential and commercial
mortgage loan market, experienced serious financial difficulties. Such difficulties may affect the performance of non-agency RMBS and
CMBS. There can be no assurance that originators and servicers of mortgage loans will not continue to experience serious financial difficulties
or experience such difficulties in the future, including becoming subject to bankruptcy or insolvency proceedings, or that underwriting
procedures and policies and protections against fraud will be sufficient in the future to prevent such financial difficulties or significant
levels of default or delinquency on mortgage loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Asset-Backed Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">ABS are a form of structured debt obligation. In addition to the
general risks associated with credit securities discussed herein, ABS are subject to additional risks. While traditional fixed-income
securities typically pay a fixed rate of interest until maturity, when the entire principal amount is due, an ABS represents an interest
in a pool of assets, such as automobile loans, credit card receivables, unsecured consumer loans or student loans, that has been securitized
and provides for monthly payments of interest, at a fixed or floating rate, and principal from the cash flow of these assets. This pool
of assets (and any related assets of the issuing entity) is the only source of payment for the ABS. The ability of an ABS issuer to make
payments on the ABS, and the timing of such payments, is therefore dependent on collections on these underlying assets. The recoveries
on the underlying collateral may not, in some cases, be sufficient to support payments on these securities, which may result in losses
to investors in an ABS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Generally, obligors may prepay the underlying assets in full or
in part at any time, subjecting the Fund to prepayment risk related to the ABS it holds. While the expected repayment streams on ABS are
determined by the contractual amortization schedules for the underlying assets, an investor&rsquo;s yield to maturity on an ABS is uncertain
and may be reduced by the rate and speed of prepayments</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>137</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">of the underlying assets, which may be influenced by a variety
of economic, social and other factors. Any prepayments, repurchases, purchases or liquidations of the underlying assets could shorten
the average life of the ABS to an extent that cannot be fully predicted. Some ABS may be structured to include a period of rapid amortization
triggered by events such as a significant rise in the default rate of the underlying collateral, a sharp drop in the credit enhancement
level because of credit losses on the underlying assets, a specified regulatory event or the bankruptcy of the originator. A rapid amortization
event will cause any revolving period to end earlier than expected and all collections on the underlying assets will be used to pay principal
to investors earlier than expected. In general, the senior most securities will be paid prior to any payments being made on the subordinated
securities, and if such payments are made earlier than expected, the Fund&rsquo;s yield on such ABS may be negatively affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>CLO, CDO and CBO Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in CDOs, CBOs and CLO. A CDO is an ABS whose
underlying collateral is typically a portfolio of other structured finance debt securities or synthetic instruments issued by another
ABS vehicle. A CBO is an ABS whose underlying collateral is a portfolio of bonds. A CLO is an ABS whose underlying collateral is a portfolio
of bank loans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition to the general risks associated with credit securities
discussed herein, CLOs, CDOs and CBOs are subject to additional risks. CLOs, CDOs and CBOs are subject to risks associated because of
the involvement of multiple transaction parties related to the underlying collateral and disruptions that may occur as a result of the
restructuring or insolvency of the underlying obligors, which are generally corporate obligors. Unlike a consumer obligor that is generally
obligated to make payments on the collateral backing an ABS, the obligor on the collateral backing a CLO, a CDO or a CBO may have more
effective defenses or resources to cause a delay in payment or restructure the underlying obligation. If an obligor is permitted to restructure
its obligations, distributions from collateral securities may not be adequate to make interest or other payments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The performance of CLOs, CDOs and CBOs depends primarily upon the
quality of the underlying assets and the level of credit support or enhancement in the structure and the relative priority of the interest
in the issuer of the CLO, CDO or CBO purchased by the Fund. In general, CLOs, CDOs and CBOs are actively managed by an asset manager that
is responsible for evaluating and acquiring the assets that will collateralize the CLO, CDO or CBO. The asset manager may have difficulty
in identifying assets that satisfy the eligibility criteria for the assets and may be restricted from trading the collateral. These criteria,
restrictions and requirements, while reducing the overall risk to the Fund, may limit the ability of the investment manager to maximize
returns on the CLOs, CDOs and CBOs if an opportunity is identified by the collateral manager. In addition, other parties involved in CLOs,
CDOs and CBOs, such as credit enhancement providers and investors in senior obligations of the CLO, CDO or CBO may have the right to control
the activities and discretion of the investment manager in a manner that is adverse to the interests of the Fund. A CLO, CDO or CBO generally
includes provisions that alter the priority of payments if performance metrics related to the underlying collateral, such as interest
coverage and minimum overcollateralization, are not met.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>138 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">These provisions may cause delays in payments on the securities
or an increase in prepayments depending on the relative priority of the securities owned by the Fund. The failure of a CLO, CDO or CBO
to make timely payments on a particular tranche may have an adverse effect on the liquidity and market value of such tranche.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The value of securities issued by CLOs, CDOs and CBOs also may
change because of changes in market value; changes in the market&rsquo;s perception of the creditworthiness of the servicer of the assets,
the originator of an asset in the pool, or the financial institution or fund providing credit support or enhancement; loan performance
and prices; broader market sentiment, including expectations regarding future loan defaults, liquidity conditions and supply and demand
for structured products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks Associated with Risk-Linked Securities</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">RLS are a form of derivative issued by insurance companies and
insurance-related special purpose vehicles that apply securitization techniques to catastrophic property and casualty damages. Unlike
other insurable low-severity, high-probability events (such as auto collision coverage), the insurance risk of which can be diversified
by writing large numbers of similar policies, the holders of a typical RLS are exposed to the risks from high-severity, low-probability
events such as that posed by major earthquakes or hurricanes. RLS represent a method of reinsurance, by which insurance companies transfer
their own portfolio risk to other reinsurance companies and, in the case of RLS, to the capital markets. A typical RLS provides for income
and return of capital similar to other fixed-income investments, but involves full or partial default if losses resulting from a certain
catastrophe exceeded a predetermined amount. In essence, investors invest funds in RLS and if a catastrophe occurs that &ldquo;triggers&rdquo;
the RLS, investors may lose some or all of the capital invested. In the case of an event, the funds are paid to the bond sponsor&mdash;an
insurer, reinsurer or corporation&mdash;to cover losses. In return, the bond sponsors pay interest to investors for this catastrophe protection.
RLS can be structured to pay-off on three types of variables&mdash;insurance-industry catastrophe loss indices, insure-specific catastrophe
losses and parametric indices based on the physical characteristics of catastrophic events. Such variables are difficult to predict or
model, and the risk and potential return profiles of RLS may be difficult to assess. Catastrophe-related RLS have been in use since the
1990s, and the securitization and risk-transfer aspects of such RLS are beginning to be employed in other insurance and risk-related areas.
No active trading market may exist for certain RLS, which may impair the ability of the Fund to realize full value in the event of the
need to liquidate such assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks Associated with Structured Notes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments in structured notes involve risks associated with the
issuer of the note and the reference instrument. Where the Fund&rsquo;s investments in structured notes are based upon the movement of
one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used
and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations.
Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero,
and any further changes in the reference instrument may then reduce the principal amount</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>139</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">payable on maturity. Structured notes may be less liquid than other
types of securities and more volatile than the reference instrument or security underlying the note.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Senior Loans Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in senior secured floating rate Loans made
to corporations and other nongovernmental entities and issuers (&ldquo;Senior Loans&rdquo;). 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 of the borrower, including stock owned by the borrower in its subsidiaries, that is senior to that held by junior lien creditors,
subordinated debt holders and stockholders of the borrower. The Fund&rsquo;s investments in Senior Loans are typically below investment
grade and are considered speculative because of the credit risk of the applicable issuer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There is less readily-available, reliable information about most
Senior Loans than is the case for many other types of securities. In addition, there is rarely a minimum rating or other independent evaluation
of a borrower or its securities, and the Adviser relies primarily on its own evaluation of a borrower&rsquo;s credit quality rather than
on any available independent sources. As a result, the Fund is particularly dependent on the analytical abilities of the Adviser with
respect to investments in Senior Loans. The Adviser&rsquo;s judgment about the credit quality of a borrower may be wrong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The risks associated with Senior Loans of below-investment grade
quality are similar to the risks of other lower grade Income Securities, although Senior Loans are typically senior in payment priority
and secured on a senior priority basis, in contrast to subordinated and unsecured Income Securities. Senior Loans&rsquo; higher priority
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 have less interest rate risk than certain
other lower grade Income Securities, which may have fixed interest rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Second Lien Loans Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in &ldquo;second lien&rdquo; secured floating
rate Loans made by public and private corporations and other non-governmental entities and issuers for a variety of purposes (&ldquo;Second
Lien Loans&rdquo;). Second Lien Loans are typically second in right of payment and/or second in right of priority with respect to collateral
remedies to one or more Senior Loans of the related borrower. Second Lien Loans are subject to the same risks associated with investment
in Senior Loans and other lower grade Income Securities. However, Second Lien Loans are second in right of payment and/or second in right
of priority with respect to collateral remedies to Senior Loans and therefore are subject to the additional risk that the cash flow of
the borrower and/or the value of any property securing the Loan may be insufficient to meet scheduled payments or otherwise be available
to repay the Loan after giving effect to payments in respect of a Senior Loan, including payments made with the proceeds of any property
securing the Loan and any 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. There is also a possibility that originators will not be
able to sell participations in Second Lien Loans, which would create greater credit risk exposure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>140 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Subordinated Secured Loans Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Unsecured Loans Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Unsecured Loans generally are subject to similar risks as those
associated with investment in Senior Loans, Second Lien Loans, subordinated secured Loans and below investment grade securities. However,
because unsecured Loans have lower priority in right of payment to any higher ranking obligations of the borrower and are not backed by
a security interest in any specific collateral, they are subject to additional risk that the cash flow of the borrower and available assets
may be insufficient to meet scheduled payments and repayment of principal after giving effect to any higher ranking obligations of the
borrower. Unsecured Loans are expected to have greater price volatility than Senior Loans, Second Lien Loans and subordinated secured
Loans and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Loans and Loan Participations and Assignments Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may purchase Loans on a direct assignment basis from a
participant in the original syndicate of lenders or from subsequent assignees of such interests. The Fund may also purchase, without limitation,
participations in Loans. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution
and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser&rsquo;s rights can be more
restricted than those of the assigning institution, and, in any event, the Fund may not be able to unilaterally enforce all rights and
remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship
only with the institution participating out the interest, not with the borrower. In purchasing participations, the Fund generally will
have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly
benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be
exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in
lending syndicates, the Fund may not be able to conduct the same due diligence on the borrower that the Fund would otherwise conduct.
In addition, as a holder of the participations, the Fund may not have voting rights or inspection rights that the Fund would otherwise
have if it were investing directly in the Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect
to the borrower or the Loan. Lenders selling a participation and other persons interpositioned between the lender and the Fund with respect
to a participation will likely conduct their principal business activities in the banking, finance and financial services industries.
Because</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>141</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the Fund may invest in participations, the Fund may be more susceptible
to economic, political or regulatory occurrences affecting such industries. Unfunded commitments to purchase loan participations or assignments
may have the effect of requiring the Fund to increase its investment in a company at a time when it might not be desirable to do so (including
at a time when the company&rsquo;s financial condition makes it unlikely that such amounts will be repaid).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund invests in or is exposed to loans and other similar debt
obligations that are sometimes referred to as &ldquo;covenant-lite&rdquo; loans or obligations, which are generally subject to more risk
than investments that contain traditional financial maintenance covenants and financial reporting requirements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Mezzanine Investments Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in certain lower grade securities known as
&ldquo;Mezzanine Investments,&rdquo; which are subordinated debt securities that are generally issued in private placements in connection
with an equity security (e.g., with attached warrants) or may be convertible into equity securities. Mezzanine Investments are subject
to the same risks associated with investment in Senior Loans, Second Lien Loans and other lower grade Income Securities. However, Mezzanine
Investments may rank lower in right of payment than any outstanding Senior Loans and Second Lien Loans of the borrower, or may be unsecured
(i.e., not backed by a security interest in any specific collateral), and are subject to the additional risk that the cash flow of the
borrower and available assets may be insufficient to meet scheduled payments after giving effect to any higher ranking obligations of
the borrower. Mezzanine Investments are expected to have greater price volatility and exposure to losses upon default than Senior Loans
and Second Lien Loans and may be less liquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Distressed and Defaulted Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments in the securities of financially distressed issuers
involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment.
The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest
on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire
investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in
investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition
of such issuer. The Adviser&rsquo;s judgment about the credit quality of the issuer and the relative value and liquidity of its securities
may prove to be wrong.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Convertible Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in convertible securities, which include bonds,
debentures, notes, preferred stocks and other securities that entitle the holder to acquire common stock or other equity securities of
the issuer. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.
As with all Income Securities, the market values of convertible securities tend to decline as interest rates increase and, conversely,
to increase as interest rates decline. Convertible securities also tend to reflect the market price of the underlying</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>142 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">stock in varying degrees, depending on the relationship of such
market price to the conversion price in the terms of the convertible security. Convertible securities rank senior to common stock in an
issuer&rsquo;s capital structure and consequently entail less risk than the issuer&rsquo;s common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&ldquo;Synthetic&rdquo; convertible securities are selected based
on the similarity of their economic characteristics to those of a traditional convertible security due to the combination of separate
securities that possess the two principal characteristics of a traditional convertible security, i.e., an income-producing security (&ldquo;income-producing
component&rdquo;) and the right to acquire an equity security (&ldquo;convertible component&rdquo;). The income-producing component is
achieved by investing in non-convertible, income-producing securities such as bonds, preferred stocks and money market instruments, which
may be represented by derivative instruments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The convertible component is achieved by investing in securities
or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. A simple example
of a synthetic convertible security is the combination of a traditional corporate bond with a warrant to purchase equity securities of
the issuer of the bond. The income-producing and convertible components of a synthetic convertible security may be issued separately by
different issuers and at different times.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Preferred Stock Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in preferred stock, which represents the senior
residual interest in the assets of an issuer after meeting all claims, with priority to corporate income and liquidation payments over
the issuer&rsquo;s common stock. As such, preferred stock is inherently more risky than the bonds and other debt instruments of the issuer,
but less risky than its common stock. Certain preferred stocks contain provisions that allow an issuer under certain conditions to skip
(in the case of &ldquo;non-cumulative&rdquo; preferred stocks) or defer (in the case of &ldquo;cumulative&rdquo; preferred stocks) dividend
payments. Preferred stocks often contain provisions that allow for redemption in the event of certain tax or legal changes or at the issuer&rsquo;s
call. Preferred stocks typically do not provide any voting rights, except in cases when dividends are in arrears beyond a certain time
period. There is no assurance that dividends on preferred stocks in which the Fund invests will be declared or otherwise made payable.
If the Fund owns preferred stock that is deferring its distributions, the Fund may be required to report income for U.S. federal income
tax purposes while it is not receiving cash payments corresponding to such income. When interest rates fall below the rate payable on
an issue of preferred stock or for other reasons, the issuer may redeem the preferred stock, generally after an initial period of call
protection in which the stock is not redeemable. Preferred stocks may be significantly less liquid than many other securities, such as
U.S. government securities, corporate debt and common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Foreign Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest up to 20% of its total assets in non-U.S. dollar-denominated
Income Securities of foreign issuers. Investing in foreign issuers may involve certain risks not typically associated with investing in
securities of U.S. issuers due to increased exposure to foreign economic, political and legal developments, including favorable or unfavorable
changes in currency exchange rates,</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>143</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ADDITIONAL INFORMATION REGARDING THE</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>GUGGENHEIM STRATEGIC OPPORTUNITIES</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">exchange control regulations (including currency blockage), expropriation
or nationalization of assets, imposition of withholding taxes on payments, and possible difficulty in obtaining and enforcing judgments
against foreign entities. Furthermore, issuers of foreign securities and obligations are subject to different, often less comprehensive,
accounting, reporting and disclosure requirements than domestic issuers. The securities and obligations of some foreign companies and
foreign markets are less liquid and at times more volatile than comparable U.S. securities, obligations and markets. These risks may be
more pronounced to the extent that the Fund invests a significant amount of its assets in companies located in one region and to the extent
that the Fund invests in securities of issuers in emerging markets. The Fund may also invest in U.S. dollar-denominated Income Securities
of foreign issuers, which are subject to many of the risks described above regarding Income Securities of foreign issuers denominated
in foreign currencies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Emerging Markets Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest up to 10% of its total assets in Income Securities
the issuers of which are located in countries considered to be emerging markets, and investments in such securities are considered speculative.
Investing in securities in emerging markets generally entails greater risks of loss or deviation from the Fund&rsquo;s investment objective
than investing in securities in developed countries. Securities issued by governments or issuers in emerging market countries are more
likely to have greater exposure to the risks of investing in foreign securities. These risks are elevated under current conditions and
include: (1) less social, political and economic stability; (2) the small size of the markets for such securities, limited access to investments
in the event of market closures (including due to local holidays) and the low or nonexistent volume of trading, which result in a lack
of liquidity, greater price volatility, and higher risk of failed trades or other trading issues; (3) certain national policies that may
restrict a Fund&rsquo;s investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national
interests; (4) foreign taxation; (5) inflation and rapid fluctuations in interest rates; (6) currency devaluations; (7) dependence on
a few key trading partners; and (8) the absence of developed structures governing private or foreign investment or allowing for judicial
redress for investment losses or injury to private property, which may limit legal rights and remedies available to a Fund and the ability
of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited. Sovereign debt
of emerging countries may be in default or present a greater risk of default, the risk of which is heightened given the current conditions.
These risks are heightened for investments in frontier markets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Sub-Adviser has broad discretion to identify countries that
it considers to qualify as &ldquo;emerging markets.&rdquo; In determining whether a country is an emerging market, the Sub-Adviser may
take into account specific or general factors that the Sub-Adviser deems to be relevant, including interest rates, inflation rates, exchange
rates, monetary and fiscal policies, trade and current account balances and/or legal, social and political developments, as well as whether
the country is considered to be emerging or developing by supranational organizations such as the World Bank, the United Nations or other
similar entities. Emerging market countries generally will include countries with low gross national product per capita and the potential
for rapid economic growth</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>144 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">and are likely to be located in Africa, Asia, the Middle East,
Eastern and Central Europe and Central and South America.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Foreign Currency Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The value of securities denominated or quoted in foreign currencies
may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. The Fund&rsquo;s
investment performance may be negatively affected by a devaluation of a currency in which the Fund&rsquo;s investments are denominated
or quoted. Further, the Fund&rsquo;s investment performance may be significantly affected, either positively or negatively, by currency
exchange rates because the U.S. dollar value of securities denominated or quoted in another currency will increase or decrease in response
to changes in the value of such currency in relation to the U.S. dollar.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sovereign Debt Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments in sovereign debt involve special risks. Foreign governmental
issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or
pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must
be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity&rsquo;s willingness to meet the
terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market
country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer&rsquo;s balance of payments,
including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent
of its foreign reserves.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Common Equity Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest up to 50% of its total assets in Common Equity
Securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund.
Also, the prices of equity securities are sensitive to general movements in the stock market, so a drop in the stock market may depress
the prices of equity securities to which the Fund has exposure. Common Equity Securities&rsquo; prices fluctuate for a number of reasons,
including changes in investors&rsquo; perceptions of the financial condition of an issuer, the general condition of the relevant stock
market, and broader domestic and international political and economic events. The prices of Common Equity Securities may also decline
due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive
conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which
directly relate to the issuer, such as management performance, financial leverage, the issuer&rsquo;s historical and prospective earnings,
the value of its assets and reduced demand for its goods and services. In addition, common stock prices may be particularly sensitive
to rising interest rates, as the cost of capital rises and borrowing costs increase. The prices of Common Equity Securities are also sensitive
to general movements in the stock market, so a drop in the stock market may depress the prices of Common Equity Securities to which the
Fund has exposure. At times, stock markets can be volatile and stock prices can change substantially. While</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>145</SUP></P>





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

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    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">broad market measures of Common Equity Securities have historically
generated higher average returns than Income Securities, Common Equity Securities have also experienced significantly more volatility
in those returns. Common Equity Securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other
debt instruments in a company&rsquo;s capital structure in terms of priority to corporate income and are therefore inherently more risky
than preferred stock or debt instruments of such issuers. Equity securities are currently experiencing heightened volatility and therefore,
the Fund&rsquo;s investments in equity securities are subject to heightened risks related to volatility. Dividends on Common Equity Securities
which the Fund may hold are not fixed but are declared at the discretion of the issuer&rsquo;s board of directors. There is no guarantee
that the issuers of the Common Equity Securities in which the Fund invests will declare dividends in the future or that, if declared,
they will remain at current levels or increase over time.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks Associated with the Fund&rsquo;s Covered Call Option Strategy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The ability of the Fund to achieve its investment objective is
partially dependent on the successful implementation of its covered call option strategy. There are significant differences between the
securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to
achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a
well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may write call options on individual securities, securities
indices, exchange-traded funds (&ldquo;ETFs&rdquo;) and baskets of securities. The buyer of an option acquires the right, but not the
obligation, to buy (a call option) or sell (a put option) a certain quantity of a security (the underlying security) or instrument, including
a futures contract or swap, 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 &ldquo;covered&rdquo;
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 under current regulatory requirements, cash or cash equivalents in such amount are segregated
by the Fund&rsquo;s custodian or earmarked on the Fund&rsquo;s books and records). 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&rsquo;s life. As the Fund writes covered calls over more of its portfolio, its ability to benefit from capital appreciation
becomes more limited. For certain types of options, the writer of the option will have no control over the time when it may be required
to fulfill its obligation under the option. A call option is &ldquo;uncovered&rdquo; if the Fund does not own the instrument underlying
the call and does not have an absolute right to acquire the security without additional cash consideration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There can be no assurance that a liquid market will exist if and
when the Fund seeks to close out an option position. Once an option writer has received an exercise notice, it cannot effect a closing
purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>146 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may purchase and write exchange-listed and OTC options.
Options written by the Fund with respect to non-U.S. securities, indices or sectors generally will be OTC options. OTC options differ
from exchange-listed options in several respects. They are transacted directly with the dealers and not with a clearing corporation, and
therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider
range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an
exchange, pricing is done normally by reference to information from a market maker. OTC options are subject to heightened counterparty,
credit, liquidity and valuation risks. The Fund&rsquo;s ability to terminate OTC options is more limited than with exchange-traded options
and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. The hours of trading
for options may not conform to the hours during which the underlying securities are traded. The Fund&rsquo;s options transactions will
be subject to limitations established by each of the exchanges, boards of trade or other trading facilities on which such options are
traded.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may purchase and write covered put options. A put option
is &ldquo;covered&rdquo; if the fund segregates cash or cash equivalents in an amount equal to the exercise price with the Fund&rsquo;s
custodian. As a seller of covered put options, the Fund bears the risk of loss if the value of the underlying instrument declines below
the exercise price minus the put premium. If the option is exercised, the Fund could incur a loss if it is required to purchase the instrument
underlying the put option at a price greater than the market price of the instrument at the time of exercise plus the put premium the
Fund received when it wrote the option. The Fund&rsquo;s potential gain in writing a covered put option is limited to distributions earned
on the liquid assets securing the put option plus the premium received from the purchaser of the put option; however, the Fund risks a
loss equal to the entire exercise price of the option minus the put premium.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks of Real Property Asset Companies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in Income Securities and Common Equity Securities
issued by Real Property Asset Companies. Because of the Fund&rsquo;s ability to make indirect investments in real estate and in the securities
of companies in the real estate industry, it is subject to risks associated with the direct ownership of real estate, including declines
in the value of real estate; general and local economic conditions; increased competition; and changes in interest rates. Because of the
Fund&rsquo;s ability to make indirect investments in natural resources and physical commodities, and in Real Property Asset Companies
engaged in oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services, forest
products, chemicals, coal, alternative energy sources and environmental services, as well as related transportation companies and equipment
manufacturers, the Fund is subject to risks associated with such real property assets, including supply and demand risk, depletion risk,
regulatory risk and commodity pricing risk.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risks of Personal Property Asset Companies</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in Income Securities and Common Equity Securities
issued by Personal Property Asset Companies which invest in personal property such as special situation transportation assets (e.g., railcars,
airplanes and ships) and collectibles (e.g., antiques, wine and</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>147</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">fine art). The risks of special situation transportation assets
include cyclicality of supply and demand for transportation assets and risk of decline in the value of transportation assets and rental
values. The risks of collectible assets include the difficulty in valuing collectible assets, the relative illiquidity of collectible
assets, the prospects of forgery or the inability to assess the authenticity of collectible assets and the high transaction and related
costs of purchasing, selling and safekeeping collectible assets.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Private Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may invest in privately issued Income Securities and Common
Equity Securities of Private Securities. Private Securities have additional risk considerations than investments in comparable public
investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a
greater degree of investment risk and reliance upon the Sub-Adviser&rsquo;s ability to obtain and evaluate applicable information concerning
such companies&rsquo; creditworthiness and other investment considerations. Certain Private Securities may be illiquid. Because there
is often no readily available trading market for Private Securities, the Fund may not be able to readily dispose of such investments at
prices that approximate those at which the Fund could sell them if they were more widely traded. Private Securities are also more difficult
to value. Valuation may require more research, and elements of judgment may play a greater role in the valuation of Private Securities
as compared to public securities because there is less reliable objective data available. Private Securities that are debt securities
generally are of below-investment grade quality, frequently are unrated and present many of the same risks as investing in below-investment
grade public debt securities. Investing in private debt instruments is a highly specialized investment practice that depends more heavily
on independent credit analysis than investments in other types of obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment Funds Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As an alternative to holding investments directly, the Fund may
also obtain investment exposure to Income Securities and Common Equity Securities by investing up to 30% of its total assets in Investment
Funds. These investments include open-end funds, closed-end funds, exchange-traded funds and business development companies as well as
other pooled investment vehicles. Investments in Investment Funds present certain special considerations and risks not present in making
direct investments in Income Securities and Common Equity Securities. Investments in Investment Funds subject the Fund to the risks affecting
such Investment Funds and involve operating expenses and fees that are in addition to the expenses and fees borne by the Fund. Such expenses
and fees attributable to the Fund&rsquo;s investment in another Investment Fund are borne indirectly by Common Shareholders. Accordingly,
investment in such entities involves expense and fee layering. Fees charged by other Investment Funds in which the Fund invests may be
similar to the fees charged by the Fund and can include asset-based management fees and administrative fees payable to such entities&rsquo;
advisers and managers, thus resulting in duplicative fees. To the extent management fees of Investment Funds are based on total gross
assets, it may create an incentive for such entities&rsquo; managers to employ Financial Leverage, thereby adding additional expense and
increasing volatility and risk (including the Fund's overall exposure to financial leverage risk). Fees</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>148 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
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  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">payable to advisers and managers of Investment Funds may include
performance-based incentive fees calculated as a percentage of profits. Such incentive fees directly reduce the return that otherwise
would have been earned by investors over the applicable period. A performance-based fee arrangement may create incentives for an adviser
or manager to take greater investment risks in the hope of earning a higher profit participation. Investments in Investment Funds frequently
expose the Fund to an additional layer of Financial Leverage. Investments in Investment Funds expose the Fund to additional management
risk. The success of the Fund&rsquo;s investments in Investment Funds will depend in large part on the investment skills and implementation
abilities of the advisers or managers of such entities. Decisions made by the advisers or managers of such entities may cause the Fund
to incur losses or to miss profit opportunities. While the Sub-Adviser will seek to evaluate managers of Investment Funds and where possible
independently evaluate the underlying assets, a substantial degree of reliance on such entities&rsquo; managers is nevertheless present
with such investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In October 2020, the SEC adopted certain regulatory changes and
took other actions related to the ability of an investment company to invest in another investment company (which, in certain instances,
may also limit a fund&rsquo;s ability to invest in certain types of structured finance vehicles). These changes include, among other things,
amendments to the existing regulatory framework, the adoption of new Rule 12d1-4 under the 1940 Act, and the rescission of certain exemptive
relief issued by the SEC permitting such investments in excess of statutory limits and the withdrawal of certain related SEC staff no-action
letters. These changes and actions may adversely impact the Fund&rsquo;s investment strategies and operations, as well as those of the
underlying investment vehicles in which the Fund invests or other funds that invest in the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Inflation/Deflation Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Inflation risk is the risk that the value of assets or income from
investments will be worth less in the future as inflation decreases the purchasing power and value of money. As inflation increases, the
real value of the Common Shares and distributions can decline. Inflation rates may change frequently and significantly as a result of
various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations
that these policies may change), and the Fund&rsquo;s investments may not keep pace with inflation, which would adversely affect the Fund.
This risk is significantly elevated compared to normal conditions because of recent monetary policy measures and the current low interest
rate environment. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund&rsquo;s
use of Financial Leverage would likely increase, which would tend to further reduce returns to Common Shareholders. Deflation risk is
the risk that prices throughout the economy decline over time&mdash;the opposite of inflation. Deflation may have an adverse effect on
the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&rsquo;s
portfolio.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B>\<SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>149</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Market Discount Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s Common Shares have traded both at a premium and
at a discount in relation to net asset value. The Fund cannot predict whether the Common Shares will trade in the future at a premium
or discount to net asset value. The Fund&rsquo;s Common Shares have recently traded at a premium to net asset value per share, which may
not be sustainable. If the Common Shares are trading at a premium to net asset value at the time you purchase Common Shares, the net asset
value per share of the Common Shares purchased will be less than the purchase price paid. Shares of closed-end investment companies frequently
trade at a discount from net asset value, but in some cases have traded above net asset value. The risk of the Common Shares trading at
a discount is a risk separate from the risk of a decline in the Fund&rsquo;s net asset value as a result of the Fund&rsquo;s investment
activities. The Fund&rsquo;s net asset value will be reduced immediately following an offering of the Common Shares due to the costs of
such offering, which will be borne entirely by the Fund. The sale of Common Shares by the Fund (or the perception that such sales may
occur) may have an adverse effect on prices of Common Shares in the secondary market. An increase in the number of Common Shares available
may put downward pressure on the market price for Common Shares. The Fund may, from time to time, seek the consent of Common Shareholders
to permit the issuance and sale by the Fund of Common Shares at a price below the Fund&rsquo;s then current net asset value, subject to
certain conditions, and such sales of Common Shares at price below net asset value, if any, may increase downward pressure on the market
price for Common Shares. These sales, if any, also might make it more difficult for the Fund to sell additional Common Shares in the future
at a time and price it deems appropriate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Whether a Common Shareholder will realize a gain or loss upon the
sale of Common Shares depends upon whether the market value of the Common Shares at the time of sale is above or below the price the Common
Shareholder paid, taking into account transaction costs for the Common Shares, and is not directly dependent upon the Fund&rsquo;s net
asset value. Because the market value of the Common Shares will be determined by factors such as the relative demand for and supply of
the shares in the market, general market conditions and other factors outside the Fund&rsquo;s control, the Fund cannot predict whether
the Common Shares will trade at, below or above net asset value, or at, below or above the public offering price for the Common Shares.
Common Shares of the Fund are designed primarily for long-term investors; investors in Common Shares should not view the Fund as a vehicle
for trading purposes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Dilution Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The voting power of current Common Shareholders will be diluted
to the extent that current Common Shareholders do not purchase Common Shares in any future offerings of Common Shares or do not purchase
sufficient Common Shares to maintain their percentage interest. If the Fund is unable to invest the proceeds of such offering as intended,
the Fund&rsquo;s per Common Share distribution may decrease and the Fund may not participate in market advances to the same extent as
if such proceeds were fully invested as planned. If the Fund sells Common Shares at a price below net asset value pursuant to the consent
of Common Shareholders, shareholders will experience a dilution of the aggregate net asset value per Common Share because the sale price
will be less than</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>150 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the Fund&rsquo;s then-current net asset value per Common Share.
Similarly, were the expenses of the offering to exceed the amount by which the sale price exceeded the Fund&rsquo;s then current net asset
value per Common Share, shareholders would experience a dilution of the aggregate net asset value per Common Share. This dilution will
be experienced by all shareholders, irrespective of whether they purchase Common Shares in any such offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Financial Leverage Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may seek to enhance the level of its current distributions
by utilizing financial leverage through the issuance of preferred shares, through borrowing or the issuance of commercial paper or other
forms of debt, through reverse repurchase agreements, dollar rolls or similar transactions, derivatives transactions or through a combination
of the foregoing (collectively &ldquo;Financial Leverage&rdquo;). Although the use of Financial Leverage by the Fund may create an opportunity
for increased after-tax total return for the Common Shares, it also results in additional risks and can magnify the effect of any losses.
If the income and gains earned on securities purchased with Financial Leverage proceeds are greater than the cost of Financial Leverage,
the Fund&rsquo;s return will be greater than if Financial Leverage had not been used. Conversely, if the income or gains from the securities
purchased with such proceeds does not cover the cost of Financial Leverage, the return to the Fund will be less than if Financial Leverage
had not been used. 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Financial Leverage is a speculative technique that exposes the
Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund&rsquo;s portfolio
will be magnified when the Fund uses Financial Leverage. As a result, Financial Leverage may cause greater changes in the Fund&rsquo;s
NAV and returns than if Financial Leverage had not been used. The Fund will also have to pay interest on its indebtedness, if any, which
may reduce the Fund&rsquo;s return. This interest expense may be greater than the Fund&rsquo;s return on the underlying investment, which
would negatively affect the performance of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Financial Leverage involves risks and special considerations for
shareholders, including the likelihood of greater volatility of NAV and market price of and dividends on the Common Shares than a comparable
portfolio without leverage; the risk that fluctuations in interest rates on indebtedness or in the dividend rate on any preferred shares
that the Fund must pay will reduce the return to the Common Shareholders; and the effect of Financial Leverage in a declining market,
which is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged, which may result in a
greater decline in the market price of the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">It is also possible that the Fund will be required to sell assets,
possibly at a loss (or at a gain which could give rise to corporate level tax), in order to redeem or meet payment obligations on any
leverage. Such a sale would reduce the Fund&rsquo;s NAV and also make it difficult for the NAV to recover. The Fund in its best judgment
nevertheless may determine to continue to use Financial Leverage if it expects that the benefits to the Fund&rsquo;s shareholders of maintaining
the leveraged position will outweigh the current reduced return.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>151</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Because the fees received by the Adviser are based on the Managed
Assets of the Fund (including the proceeds of any Financial Leverage), the Adviser has a financial incentive for the Fund to utilize Financial
Leverage, which may create a conflict of interest between the Adviser and the Common Shareholders. Common Shareholders bear the portion
of the investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, which means that Common Shareholders
effectively bear the entire advisory fee. In order to manage this conflict of interest, the Board receives regular reports from the Adviser
regarding the Fund&rsquo;s use of Financial Leverage and the effect of Financial Leverage on the management of the Fund&rsquo;s portfolio
and the performance of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Indebtedness may subject the Fund to covenants in credit agreements
relating to asset coverage and portfolio composition requirements. Indebtedness by the Fund also may subject the Fund to certain restrictions
on investments imposed by guidelines of one or more rating agencies, which may issue ratings for such indebtedness. Such guidelines may
impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. It is not anticipated
that these covenants or guidelines will impede the Adviser from managing the Fund&rsquo;s portfolio in accordance with the Fund&rsquo;s
investment objective and policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Reverse repurchase agreements involve the risks that the interest
income earned on the investment of the proceeds will be less than the interest expense and Fund expenses associated with the repurchase
agreement, that the market value of the securities sold by the Fund may decline below the price at which the Fund is obligated to repurchase
such securities and that the securities may not be returned to the Fund. There is no assurance that reverse repurchase agreements can
be successfully employed. The counterparty&rsquo;s insolvency may result in a loss equal to the amount by which the value of the securities
or other assets sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities or other assets
increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement, any fluctuations
in the market value of either the securities or other assets transferred to another party or the securities or other assets in which the
proceeds may be invested would affect the market value of the Fund&rsquo;s assets. As a result, such transactions may increase fluctuations
in the net asset value of the Fund&rsquo;s shares. Because reverse repurchase agreements may be considered to be the practical equivalent
of borrowing funds, they constitute a form of leverage. If the Fund reinvests the proceeds of a reverse repurchase agreement at a rate
lower than the cost of the agreement, entering into the agreement will lower the Fund&rsquo;s yield and the amount of exempt-interest
dividends that may be paid by the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may enter into dollar roll transactions, in which the
Fund sells a mortgage-backed or other security for settlement on one date and buys back a substantially similar security (but not the
same security) for settlement at a later date. The Fund gives up the principal and interest payments on the security, but may invest the
sale proceeds, during the &ldquo;roll period.&rdquo; When a Fund enters into a dollar roll transaction, any fluctuation in the market
value of the security transferred or the securities in which the sales proceeds are invested can affect the market value of the Fund&rsquo;s
assets, and therefore, the Fund&rsquo;s NAV. Successful use of dollar rolls may depend upon the Sub-Adviser&rsquo;s ability to correctly</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>152 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">predict interest rates and prepayments. There is no assurance that
dollar rolls can be successfully employed. Dollar roll transactions may sometimes be considered to be the practical equivalent of borrowing
and constitute a form of leverage. Dollar roll transactions also involve the risk that the market value of the securities a Fund is required
to deliver may decline below the agreed upon repurchase price of those securities. In addition, in the event that a Fund&rsquo;s counterparty
becomes insolvent or otherwise unable or unwilling to perform its obligations, the Fund&rsquo;s use of the proceeds may become restricted
pending a determination as to whether to enforce the Fund&rsquo;s obligation to purchase the substantially similar securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may engage in certain derivatives transactions that have
economic characteristics similar to leverage. Under current regulatory requirements, to the extent the terms of any such transaction obligate
the Fund to make payments, to mitigate leveraging risk and otherwise comply with regulatory requirements, the Fund must segregate or earmark
liquid assets to meet its obligations under, or otherwise cover, the transactions that may give rise to this risk. Securities so segregated
or designated as &ldquo;cover&rdquo; will be unavailable for sale by the Adviser (unless replaced by other securities qualifying for segregation
or cover requirements), which may adversely affect the ability of the Fund to pursue its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may have Financial Leverage outstanding during a short
term period during which such Financial Leverage may not be beneficial to the Fund if the Fund believe that the long-term benefits to
Common Shareholders of such Financial Leverage would outweigh the costs and portfolio disruptions associated with redeeming and reissuing
such Financial Leverage. However, there can be no assurance that the Fund&rsquo;s judgment in weighing such costs and benefits will be
correct.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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&rsquo;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 on Common Shares at historical levels and Common Shareholders will bear any costs associated with selling
portfolio securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s total Financial Leverage may vary significantly
over time. To the extent the Fund increases its amount of Financial Leverage outstanding, it will be more exposed to these risks. The
Fund may also be exposed to the risks associated with Financial Leverage through its investments in Investment Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Derivatives Transactions Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may engage in various derivatives transactions for hedging
and risk management purposes, to facilitate portfolio management and to earn income or enhance total return. The use of derivatives transactions
to earn income or enhance total return may be particularly speculative. Certain derivatives transactions may have economic characteristics
similar to leverage, in that relatively small market movements may result in large changes in the value of an investment. Certain</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>153</SUP></P>





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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">derivatives transactions that involve leverage can result in losses
that greatly exceed the amount originally invested. Derivatives transactions utilizing instruments denominated in foreign currencies will
expose the Fund to foreign currency risk. To the extent the Fund enters into derivatives transactions to hedge exposure to foreign currencies,
such transactions may not be successful and may eliminate any chance for the Fund to benefit from favorable fluctuations in relevant foreign
currencies. Derivatives transactions involve risks of mispricing or improper valuation, and the documentation governing a derivative instrument
or transaction may be unfavorable or ambiguous. Derivatives transactions may involve commissions and other costs, which may increase the
Fund&rsquo;s expenses and reduce its return. Various legislative and regulatory initiatives may impact the availability, liquidity and
cost of derivative instruments, limit or restrict the ability of the Fund to use certain derivative instruments or transact with certain
counterparties as a part of its investment strategy, increase the costs of using derivative instruments or make derivative instruments
less effective. The skills necessary to successfully execute derivatives strategies may be different from those for more traditional portfolio
management techniques, and if the Sub-Adviser 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In connection with certain derivatives transactions, under current
regulatory requirements, to the extent the terms of any such transaction obligate the Fund to make payments, the Fund may be required
to segregate liquid assets or otherwise cover such transactions. The Fund also may be required to deposit amounts as premiums or to be
held in margin accounts. Such amounts may not otherwise be available to the Fund for investment purposes. The Fund may earn a lower return
on its portfolio than it might otherwise earn if it did not have to segregate assets in respect of, or otherwise cover, its derivatives
transactions positions. To the extent the Fund&rsquo;s assets are segregated or committed as cover, it could limit the Fund&rsquo;s investment
flexibility. Segregating assets and covering positions will not limit or offset losses on related positions. Participation in derivatives
market transactions involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies.
If the Sub-Adviser 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. Additional risks inherent in the use of derivatives include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; dependence on the Sub-Adviser&rsquo;s ability to predict
correctly movements in the direction of interest rates, securities prices or other underlying instruments;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; imperfect correlation
between the value of such instruments and the underlying assets;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; the fact that skills needed to use these strategies are different
from those needed to select portfolio securities;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; the possible absence of a liquid secondary market for any particular instrument
at any time;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; the possible need to defer closing out certain hedged positions to avoid adverse tax consequences;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; the possible
inability of the Fund to purchase or sell a security at a time that otherwise would be favorable for it to do so; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; the creditworthiness
and possible default of counterparties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>154 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The use of derivatives may also expose the Fund to other risks
in addition to and greater than those associated with investing directly in the instruments underlying those derivatives. The use of such
derivatives may also expose the Fund to the performance of securities that the Fund does not own.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Certain of the derivatives in which the Fund may invest are traded
(and privately negotiated) in the OTC market. OTC derivatives are complex and often valued subjectively, which exposes the Fund to heightened
liquidity, mispricing and valuation risks. Improper valuations can result in increased cash payment requirements to counterparties or
a loss of value to a Fund. In addition, OTC derivative instruments are often highly customized and tailored to meet the needs of the Funds
and their trading counterparties. If a derivative transaction is particularly large or if the relevant market is illiquid, it may not
be possible to initiate a transaction or liquidate a position at an advantageous time or price. As a result and similar to other privately
negotiated contracts, a Fund is subject to counterparty credit risk with respect to such derivative contracts. Certain derivatives are
subject to mandatory exchange trading and/or clearing, which exposes a Fund to the credit risk of the clearing broker or clearinghouse.
While exchange trading and central clearing are intended to reduce counterparty credit risk and to increase liquidity, they do not make
derivatives transactions risk-free.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Certain derivatives may be traded on foreign exchanges. The markets
for certain derivatives, including those located in certain foreign countries, are relatively new and still developing, which may expose
the Fund to increased counterparty credit and liquidity risks. Such transactions may not be regulated as effectively as similar transactions
in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions
affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (i) other
complex foreign political, legal and economic factors, (ii) lesser availability than in the United States of data on which to make trading
decisions, (iii) delays in the Fund&rsquo;s ability to act upon economic events occurring in the foreign markets during non-business hours
in the United States, (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the
United States and (v) lesser trading volume. Exchanges on which such derivatives are traded may impose limits on the positions that the
Fund may take in certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In October 2020, the SEC adopted a final rule related to the use
of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will rescind and
withdraw the guidance of the SEC and its staff regarding asset segregation and cover transactions reflected in the Fund&rsquo;s asset
segregation and cover practices discussed herein. The final rule requires the Fund to trade derivatives and other transactions that create
future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk
(&ldquo;VaR&rdquo;) leverage limits and derivatives risk management program and reporting requirements. Generally, these requirements
apply unless a fund satisfies a &ldquo;limited derivatives users&rdquo; exception that is included in the final rule. Under the final
rule, when the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it
needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with
the aggregate amount of any other senior securities</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>155</SUP></P>





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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">representing indebtedness when calculating the fund&rsquo;s asset
coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions
aggregated with other indebtedness do not need to be included in the calculation of whether a fund satisfies the limited derivatives users
exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must
be included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection
with the new rule regarding the use of securities lending collateral that may limit the Fund&rsquo;s securities lending activities. Compliance
with these new requirements will be required after an eighteen-month transition period. Following the compliance date, these requirements
may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its
investment strategies. These requirements may increase the cost of the Fund&rsquo;s investments and cost of doing business, which could
adversely affect investors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Swap Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Swap agreements are contracts for periods ranging from one day
to more than one year and may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be
exchange-traded through a futures commission merchant or swap execution facility and/or cleared through a clearinghouse that serves as
a central counterparty. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return)
earned or realized on particular predetermined investments or instruments. The Fund may enter into swap transactions, including credit
default swaps, total return swaps, index swaps, currency swaps, commodity swaps and interest rate swaps, as well as options thereon, and
may purchase or sell interest rate caps, floors and collars. The Fund may utilize swap agreements in an attempt to gain exposure to certain
securities without purchasing those securities which is speculative, or to hedge a position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Risks associated with the use of swap agreements are different
from those associated with ordinary portfolio securities transactions, largely due to the fact they could be considered illiquid and many
swaps currently trade on the OTC market. If the Sub-Adviser is incorrect in its forecasts of market values, interest rates or currency
exchange rates, the investment performance of the Fund may be less favorable than it would have been if these investment techniques were
not used. Such transactions are subject to market risk, risk of default by the other party to the transaction and risk of imperfect correlation
between the value of such instruments and the underlying assets and may involve commissions or other costs. Swaps generally do not involve
the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited
to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting,
the net amount of payments that the Fund is contractually entitled to receive. Swaps are subject to valuation, liquidity and leveraging
risks and could result in substantial losses to the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>156 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Total return swaps may effectively add leverage to the Fund&rsquo;s
portfolio because the Fund would be subject to investment exposure on the full notional amount of the swap. Total return swaps are subject
to the risk that a counterparty will default on its payment obligations to the Fund thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">When the Fund acts as a seller of a credit default swap agreement
with respect to a debt security, it is subject to the risk that an adverse credit event may occur with respect to the issuer of the debt
security and the Fund may be required to pay the buyer the full notional value of the debt security under the swap net of any amounts
owed to the Fund by the buyer under the swap (such as the buyer&rsquo;s obligation to deliver the debt security to the Fund). As a result,
the Fund bears the entire risk of loss due to a decline in value of a referenced debt security on a credit default swap it has sold if
there is a credit event with respect to the issuer of the security. If the Fund is a buyer of a credit default swap and no credit event
occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the Fund generally
may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference
entity whose value may have significantly decreased.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The swap market has become more standardized in recent years with
a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As a result, some swaps have become relatively liquid. Although
the swap market has become liquid, certain types of derivatives products, such as caps, floors and collars may be less liquid than swaps
in general. Swaps are subject to new federal legislation implemented through rulemaking by the SEC and the Commodity Futures Trading Commission
(&ldquo;CFTC&rdquo;). Further regulatory developments in the swap market may adversely impact the swap market generally or the Fund&rsquo;s
ability to use swaps.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Counterparty Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Counterparty risk is the risk that a counterparty to a Fund transaction
(e.g., prime brokerage or securities lending arrangement or derivatives transaction) will be unable or unwilling to perform its contractual
obligation to the Fund. The Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or
otherwise meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling
to perform, the risk of which is particularly acute under current conditions) its payment or other obligations to the Fund, the Fund may
not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held
by, or on behalf of, the counterparty.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund bears the risk that counterparties may be adversely affected
by legislative or regulatory changes, adverse market conditions (such as the current conditions), increased competition, and/or wide scale
credit losses resulting from financial difficulties of the counterparties&rsquo; other trading partners or borrowers.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>157</SUP></P>





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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Portfolio Turnover Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s annual portfolio turnover rate may vary greatly
from year to year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund.
A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne
by the Fund. High portfolio turnover may result in an increased realization of net short-term capital gains by the Fund which, when distributed
to Common Shareholders, will be taxable as ordinary income. Additionally, in a declining market, portfolio turnover may create realized
capital losses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>U.S. Government Securities Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Different types of U.S. government securities have different relative
levels of credit risk depending on the nature of the particular government support for that security. U.S. government securities may be
supported by: (i) the full faith and credit of the United States government; (ii) the ability of the issuer to borrow from the U.S. Treasury;
(iii) the credit of the issuing agency, instrumentality or government-sponsored entity (&ldquo;GSE&rdquo;); (iv) pools of assets (e.g.,
mortgage-backed securities); or (v) the United States in some other way. The U.S. government and its agencies and instrumentalities do
not guarantee the market value of their securities, which may fluctuate in value and are subject to investment risks, and certain U.S.
government securities may not be backed by the full faith and credit of the United States government. Any downgrades of the U.S. credit
rating could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase
the costs of all debt generally. The value of U.S. government obligations may be adversely affected by changes in interest rates. It is
possible that the issuers of some U.S. government securities will not have the funds to timely meet their payment obligations in the future
and there is a risk of default. For certain agency and GSE issued securities, there is no guarantee the U.S. government will support the
agency or GSE if it is unable to meet its obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>UK Departure from EU (&ldquo;Brexit&rdquo;) Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On January 31, 2020, the United Kingdom officially withdrew from
the European Union (&ldquo;EU&rdquo;) and the two sides entered into a transition period, during which period EU law continued to apply
in the UK. The transition period ended on December 31, 2020. On December 30, 2020, the UK and the EU signed an agreement on the terms
governing certain aspects of the EU&rsquo;s and the United Kingdom&rsquo;s relationship following the end of the transition period, the
EU-UK Trade and Cooperation Agreement (the &ldquo;TCA&rdquo;). Notwithstanding the TCA, there is likely to be considerable uncertainty
as to the UK&rsquo;s post-transition framework, and in particular as to the arrangements which will apply to the UK&rsquo;s relationships
with the EU and with other countries, which is likely to continue to develop and could result in increased volatility and illiquidity
and potentially lower economic growth. The political divisions surrounding Brexit within the United Kingdom, as well as those between
the UK and the EU, may also have a destabilizing impact on the economy and currency of the United Kingdom and the EU. Any further exits
from member states of the EU, or the possibility of such exits, would likely cause additional market disruption globally and introduce
new legal and regulatory uncertainties.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>158 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition to the effects on the Fund&rsquo;s investments in European
issuers, the unavoidable uncertainties and events related to Brexit could negatively affect the value and liquidity of the Fund&rsquo;s
other investments, increase taxes and costs of business and cause volatility in currency exchange rates and interest rates. Brexit could
adversely affect the performance of contracts in existence at the date of Brexit and European, UK or worldwide political, regulatory,
economic or market conditions and could contribute to instability in political institutions, regulatory agencies and financial markets.
Brexit could also lead to legal uncertainty and politically divergent national laws and regulations as a new relationship between the
UK and EU is defined and as the UK determines which EU laws to replace or replicate. In addition, Brexit could lead to further disintegration
of the EU and related political stresses (including those related to sentiment against cross border capital movements and activities of
investors like the Fund), prejudice to financial services businesses that are conducting business in the EU and which are based in the
UK, legal uncertainty regarding achievement of compliance with applicable financial and commercial laws and regulations in view of the
expected steps to be taken pursuant to or in contemplation of Brexit. Any of these effects of Brexit, and others that cannot be anticipated,
could adversely affect the Fund&rsquo;s business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Redenomination Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The result of Brexit, the progression of the European debt crisis
and the possibility of one or more Eurozone countries exiting the European Monetary Union (&ldquo;EMU&rdquo;), or even the collapse of
the euro as a common currency, has created significant volatility in currency and financial markets generally. The effects of the collapse
of the euro, or of the exit of one or more countries from the EMU, on the U.S. and global economies and securities markets are impossible
to predict and any such events could have a significant adverse impact on the value and risk profile of the Fund&rsquo;s portfolio. Any
partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values
of the Fund&rsquo;s portfolio investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&rsquo;s
investments in such countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments
could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign
currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in euros. To the extent
a currency used for redenomination purposes is not specified in respect of certain EMU-related investments, or should the euro cease to
be used entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult
to value or dispose of. The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of
the denomination or value of such securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Legislation and Regulation Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At any time after the date hereof, U.S. and non-U.S. governmental
agencies and other regulators may implement additional regulations and legislators may pass new laws that affect the investments held
by the Fund, the strategies used by the Fund or the level of regulation or taxation applying to the Fund (such as regulations related
to investments in derivatives and other transactions). These</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>159</SUP></P>





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

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    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">regulations and laws impact the investment strategies, performance,
costs and operations of the Fund, as well as the way investments in, and shareholders of, the Fund are taxed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>LIBOR Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The terms of many investments, financings or other transactions
in the U.S. and globally have been historically tied to interbank reference rates (referred to collectively as the &ldquo;London Interbank
Offered Rate&rdquo; or &ldquo;LIBOR&rdquo;), which function as a reference rate or benchmark for such investments, financings or other
transactions. LIBOR may be a significant factor in determining payment obligations under derivatives transactions, the cost of financing
of Fund investments or the value or return on certain other Fund investments. As a result, LIBOR may be relevant to, and directly affect,
the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">On July 27, 2017, the Chief Executive of the Financial Conduct
Authority (&ldquo;FCA&rdquo;), the United Kingdom&rsquo;s financial regulatory body and regulator of LIBOR, announced that after 2021
it will cease its active encouragement of banks to provide the quotations needed to sustain LIBOR due to the absence of an active market
for interbank unsecured lending and other reasons. On March 5, 2021, the FCA and the LIBOR administrator announced that most tenors and
settings of LIBOR will be officially discontinued on December 31, 2021 and the most widely used U.S. dollar LIBOR tenors will be discontinued
on June 30, 2023 and that such LIBOR rates will no longer be sufficiently robust to be representative of their underlying markets around
that time. Various financial industry groups have begun planning for that transition and certain regulators and industry groups have taken
actions to establish alternative reference rates (e.g., the Secured Overnight Financing Rate, which measures the cost of overnight borrowings
through repurchase agreement transactions collateralized with U.S. Treasury securities and is intended to replace U.S. dollar LIBORs with
certain adjustments). However, there are challenges to converting contracts and transactions to a new benchmark and neither the full effects
of the transition process nor its ultimate outcome is known.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The transition process might lead to increased volatility and illiquidity
in markets for instruments with terms tied to LIBOR. It could also lead to a reduction in the interest rates on, and the value of, some
LIBOR-based investments and reduce the effectiveness of hedges mitigating risk in connection with LIBOR-based investments. Although some
LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology
or increased costs for certain LIBOR-related instruments or financing transactions, others may not have such provisions and there may
be significant uncertainty regarding the effectiveness of any such alternative methodologies. Instruments that include robust fallback
provisions to facilitate the transition from LIBOR to an alternative reference rate may also include adjustments that do not adequately
compensate the holder for the different characteristics of the alternative reference rate. The result may be that the fallback provision
results in a value transfer from one party to the instrument to the counterparty. Additionally, because such provisions may differ across
instruments (e.g., hedges versus cash positions hedged), LIBOR&rsquo;s cessation may give rise to basis risk and render hedges less effective.
As the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects and related adverse conditions
could occur prior to the end of some</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>160 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">LIBOR tenors in 2021 or the remaining LIBOR tenors in mid-2023.
There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing
contracts or instruments. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary depending, among other things,
on (1) existing fallback or termination provisions in individual contracts and the possible renegotiation of existing contracts and (2)
whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and
instruments. Fund investments may also be tied to other interbank offered rates and currencies, which also will face similar issues. In
many cases, in the event that an instrument falls back to an alternative reference rate, including the Secured Overnight Financing Rate
(&ldquo;SOFR&rdquo;), the alternative reference rate will not perform the same as LIBOR because the alternative reference rates do not
include a credit sensitive component in the calculation of the rate. The alternative reference rates are generally secured by U.S. treasury
securities and will reflect the performance of the market for U.S. treasury securities and not the inter-bank lending markets. In the
event of a credit crisis, floating rate instruments using alternative reference rates could therefore perform differently than those instruments
using a rate indexed to the inter-bank lending market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The state of New York recently adopted legislation that would require
LIBOR-based contracts that do not include a fallback to a rate other than LIBOR or an inter-bank quotation poll to use a SOFR based rate
plus a spread adjustment. Pending legislation in the U.S. Congress may also affect the transition of LIBOR-based instruments as well by
permitting trustees and calculation agents to transition instruments with no LIBOR transition language to an alternative reference rate
selected by such agents. The New York statute and the federal legislative proposal includes safe harbors from liability, which may limit
the recourse the Fund may have if the alternative reference rate does not fully compensate the Fund for the transition of an instrument
from LIBOR. If enacted, the federal legislation may also preempt the New York state law, which may create uncertainty to the extent a
party has sought to rely on the New York statute to select a replacement benchmark rate.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">These developments could negatively affect financial markets in
general and present heightened risks, including with respect to the Fund&rsquo;s investments. As a result of this uncertainty and developments
relating to the transition process, the Fund and its investments may be adversely affected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Recent Market Developments Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Periods of market volatility remain, and may continue to occur
in the future, in response to various political, social and economic events both within and outside of the United States. These conditions
have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack
of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the
Fund, including by making valuation of some of the Fund&rsquo;s securities uncertain and/or result in sudden and significant valuation
increases or declines in the Fund&rsquo;s holdings. If there is a significant decline in the value of the Fund&rsquo;s portfolio, this
may impact the asset coverage levels for the Fund&rsquo;s outstanding leverage.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>161</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Risks resulting from any future debt or other economic crisis could
also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and the Fund&rsquo;s
business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer
confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other
factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors,
the Fund&rsquo;s business, financial condition and results of operations could be significantly and adversely affected. Downgrades to
the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy.
Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and
liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or unfavorable economic conditions
could impair the Fund&rsquo;s ability to achieve its investment objective.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The outbreak of COVID-19 and the current recovery underway has
caused disruption to consumer demand and economic output and supply chains. There are still travel restrictions and quarantines, and adverse
impacts on 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, including by providing direct capital infusions into companies, introducing
new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates and higher inflation.
These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility
in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty
and adversely affect the value of the Fund&rsquo;s investments and the performance of the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Increasing Government and other Public Debt Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Government and other public debt, including municipal obligations
in which the Fund invests, can be adversely affected by large and sudden changes in local and global economic conditions that result in
increased debt levels. Although high levels of government and other public debt do not necessarily indicate or cause economic problems,
high levels of debt may create certain systemic risks if sound debt management practices are not implemented. A high debt level may increase
market pressures to meet an issuer&rsquo;s funding needs, which may increase borrowing costs and cause a government or public or municipal
entity to issue additional debt, thereby increasing the risk of refinancing. A high debt level also raises concerns that the issuer may
be unable or unwilling to repay the principal or interest on its debt, which may adversely impact instruments held by the Fund that rely
on such payments. Extraordinary governmental and quasigovernmental responses to the current economic, market, labor and public health
conditions are significantly increasing government and other public debt, which heighten these risks and the long term consequences of
these actions are not known. Unsustainable debt levels can decline the valuation of currencies, and can prevent a government from implementing
effective counter-cyclical fiscal policy during</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>162 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">economic downturns or can lead to increases in inflation or generate
or contribute to an economic downturn.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>When-Issued and Delayed Delivery Transactions Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Securities purchased on a when-issued or delayed delivery basis
may expose the Fund to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to
their actual delivery. The Fund generally will not accrue income with respect to a when-issued or delayed delivery security prior to its
stated delivery date.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchasing securities on a when-issued or delayed delivery basis
can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable
as that obtained in the transaction itself.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Short Sales Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may make short sales of securities. Short selling a security
involves selling a borrowed security with the expectation that the value of that security will decline, so that the security may be purchased
at a lower price when returning the borrowed security. If the price of the security sold short increases between the time of the short
sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will
realize a capital gain. Any gain will be decreased, and any loss will be increased, by the transaction costs incurred by the Fund, including
the costs associated with providing collateral to the broker-dealer (usually cash and liquid securities) and the maintenance of collateral
with its custodian. Although the Fund&rsquo;s gain is limited to the price at which it sold the security short, its potential loss is
theoretically unlimited and is greater than a direct investment in the security itself because the price of the borrowed or reference
security may rise. A Fund may not always be able to close out a short position at a particular time or at an acceptable price. A lender
may request that borrowed securities be returned to it on short notice, and a Fund may have to buy the borrowed securities at an unfavorable
price, resulting in a loss. The Fund may have to pay a premium to borrow the securities and must pay any dividends or interest payable
on the securities until they are replaced, which will be expenses of the Fund. Short sales also subject a Fund to risks related to the
lender (such as bankruptcy risks) or the general risk that the lender does not comply with its obligations. Government actions also may
affect the Funds&rsquo; ability to engage in short selling. The use of physical short sales is typically more expensive than gaining short
exposure through derivatives.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Repurchase Agreement Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A repurchase agreement exposes the Fund to the risk that the party
that sells the security may default on its obligation to repurchase it. The Fund may lose money because it cannot sell the security at
the agreed-upon time and price or the security loses value before it can be sold. The Fund may accept a wide variety of underlying securities
as collateral for repurchase agreements entered into by the Fund. Rule 5b-3 under the 1940 Act, stipulates that if a repurchase agreement
entered into by a fund is &ldquo;collateralized fully,&rdquo; the repurchase agreement is deemed a transaction in the underlying securities
and not a separate security issued to the fund by the selling institution. In</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>163</SUP></P>





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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">order for the repurchase agreement to qualify as &ldquo;collateralized
fully,&rdquo; the collateral must consist solely of cash items, government securities, securities that are rated in the highest rating
category by at least two NRSROs (or one NRSRO, if that is the only such NRSRO which has issued a rating on the security) or unrated securities
which the Adviser deems to be of comparable quality. However, the Fund may accept collateral in respect of repurchase agreements which
do not meet the above criteria, and in such event the repurchase agreement will not be considered &ldquo;collateralized fully&rdquo; for
purposes of Rule 5b-3. Accepting collateral beyond the criteria of Rule 5b-3 exposes the Fund to two categories of risks. First, because
the Fund&rsquo;s repurchase agreements which are secured by such collateral are not &ldquo;collateralized fully&rdquo; under Rule 5b-3,
the repurchase agreement is considered a separate security issued by the selling institution to the Fund. Accordingly, in addition to
the risks of a default or bankruptcy of the selling institution, the Fund must include repurchase agreements that are not &ldquo;collateralized
fully&rdquo; under Rule 5b-3 in its calculations of securities issued by the selling institution held by the Fund for purposes of various
diversification and concentration requirements applicable to the Fund. In particular, to the extent a selling institution is a &ldquo;securities
related business&rdquo; for purposes of Section 12(d)(3) of the 1940 Act and Rule 12d3-1 thereunder, the Fund would not be permitted to
hold more than 5% of its total assets in securities issued by the selling institution, including repurchase agreements that are not &ldquo;collateralized
fully&rdquo; under Rule 5b-3. While this limitation (as well as other applicable limitations arising under concentration and diversification
requirements) limits the Fund&rsquo;s exposure to each such selling institution, the Fund will be required to monitor its holdings of
such securities and ensure that it complies with the applicable limitations. Second, the collateral underlying a repurchase agreement
that is not &ldquo;collateralized fully&rdquo; under Rule 5b-3 may not qualify as permitted or appropriate investments for the Fund under
the Fund&rsquo;s investment strategies and limitations. Accordingly, if a selling institution defaults and the Fund takes possession of
such collateral, the Fund may need to promptly dispose of such collateral (or other securities held by the Fund, if the Fund exceeds a
limitation on a permitted investment by virtue of taking possession of the collateral). In cases of market turmoil (which may be associated
with a default or bankruptcy of a selling institution), the Fund may have more difficulty than anticipated in selling such securities
and/or in avoiding a loss on the sale of such securities. This risk may be more acute in the case of a selling institution&rsquo;s insolvency
or bankruptcy, which may restrict the Fund&rsquo;s ability to dispose of collateral received from the selling institution. The Adviser
follows various procedures to monitor the liquidity and quality of any collateral received under a repurchase agreement (as well as the
credit quality of each selling institution) designed to minimize these risks, but there can be no assurance that the procedures will be
successful in doing so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Securities Lending Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may lend its portfolio securities to banks or dealers
which meet the creditworthiness standards established by the Board of Trustees. Securities lending is subject to the risk that loaned
securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at
a desirable price. Any loss in the market price of securities loaned by the Fund that occurs during the term of the loan would be borne
by the Fund and would adversely affect the Fund&rsquo;s performance. Also, there may be delays in recovery, or no recovery, of securities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>164 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">loaned or even a loss of rights in the collateral should the borrower
of the securities fail financially while the loan is outstanding.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Risk of Failure to Qualify as a RIC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">To qualify for the favorable U.S. federal income tax treatment
generally accorded to RICs, the Fund must, among other things, derive in each taxable year at least 90% of its gross income from certain
prescribed sources, meet certain asset diversification tests and distribute for each taxable year at least 90% of its &ldquo;investment
company taxable income&rdquo; (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital
loss). If for any taxable year the Fund does not qualify as a RIC, all of its taxable income for that year (including its net capital
gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions
would be taxable as ordinary dividends to the extent of the Fund&rsquo;s current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Conflicts of Interest Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim is a global asset management and investment advisory
organization. Guggenheim and its affiliates advise clients in various markets and transactions and purchase, sell, hold and recommend
a broad array of investments for their own accounts and the accounts of clients and of their personnel and the relationships and products
they sponsor, manage and advise. Accordingly, Guggenheim and its affiliates may have direct and indirect interests in a variety of global
markets and the securities of issuers in which the Fund may directly or indirectly invest. These interests may cause the Fund to be subject
to regulatory limits, and in certain circumstances, these various activities may prevent the Fund from participating in an investment
decision. As a result, activities and dealings of Guggenheim and its affiliates may affect the Fund in ways that may disadvantage or restrict
the Fund or be deemed to benefit Guggenheim and its affiliates. From time to time, conflicts of interest may arise between a portfolio
manager&rsquo;s management of the investments of the Fund on the one hand and the management of other registered investment companies,
pooled investment vehicles and other accounts (collectively, &ldquo;other accounts&rdquo;) on the other. The other accounts might have
similar investment objectives or strategies as the Fund or otherwise hold, purchase, or sell securities that are eligible to be held,
purchased or sold by the Fund. In certain circumstances, and subject to its fiduciary obligations under the Investment Advisers Act of
1940 (the &ldquo;Advisers Act&rdquo;) and the requirements of the 1940 Act, the Adviser may have to allocate a limited investment opportunity
among its clients. The other accounts might also have different investment objectives or strategies than the Fund. In addition, the Fund
may be limited in its ability to invest in, or hold securities of, any companies that the Adviser or its affiliates (or other accounts
managed by the Adviser or its affiliates) control, or companies in which the Adviser or its affiliates have interests or with whom they
do business. For example, affiliates of the Adviser may act as underwriter, lead agent or administrative agent for loans or otherwise
participate in the market for loans. Because of limitations imposed by applicable law, the presence of the Adviser&rsquo;s affiliates
in the markets for loans may restrict the Fund&rsquo;s ability to acquire some loans or affect the timing or price of such acquisitions.
To address these conflicts, the Fund and Guggenheim and its affiliates have established</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>165</SUP></P>





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

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

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  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">various policies and procedures that are reasonably designed to
detect and prevent such conflicts and prevent the Fund from being disadvantaged.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Market Disruption and Geopolitical Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund does not know and cannot predict how long securities markets
may be affected by geopolitical events and the effects of these events in the future on the U.S. economy and securities markets. The Fund
may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which
the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements,
failure of local, national and international organization to carry out their duties prescribed to them under the relevant agreements,
revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and
agreements. The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes in
government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments
in the laws and regulations of the countries in which it is invested and the risks associated with financial, economic, health, labor
and other global market developments and disruptions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Technology Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As the use of Internet technology has become more prevalent, the
Fund and its service providers and markets generally have become more susceptible to potential operational risks related to intentional
and unintentional events that may cause the Fund or a service provider to lose proprietary information, suffer data corruption or lose
operational capacity. There can be no guarantee that any risk management systems established by the Fund, its service providers, or issuers
of the securities in which the Fund invests to reduce technology and cyber security risks will succeed, and the Fund cannot control such
systems put in place by service providers, issuers or other third parties whose operations may affect the Fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Cyber Security Risk</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">As in other parts of the economy, the Fund and its service providers,
as well as exchanges and market participants through or with which the Fund trades and other infrastructures and services on which the
Fund or its service providers rely, are susceptible to ongoing risks related to cyber incidents and the risks associated with financial,
economic, public health, labor and other global market developments and disruptions. Cyber incidents, which can be perpetrated by a variety
of means, may result in actual or potential adverse consequences for critical information and communications technology, systems and networks
that are vital to the operations of the Fund or its service providers. A cyber incident or sudden market disruption could adversely impact
the Fund, its service providers or its shareholders by, among other things, interfering with the processing of shareholder transactions
or other operational functionality, impacting the Fund&rsquo;s ability to calculate its NAV or other data, causing the release of private
or confidential information, impeding trading, causing reputational damage, and subjecting the Fund to fines, penalties or financial losses
or otherwise adversely affecting the operations, systems and activities of the Fund, its service providers</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>166 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">and market intermediaries. These types of adverse consequences
could also result from other operational disruptions or failures arising from, for example, processing errors, human errors, and other
technological issues. In each case, the Fund&rsquo;s ability to calculate its NAV correctly, in a timely manner or process trades or Fund
or shareholder transactions may be adversely affected, including over a potentially extended period. The Fund and its service providers
may directly bear these risks and related costs. The Fund and its service providers are continuing to experience the impacts of quarantines
and similar measures being enacted by governments in response to COVID-19, which have obstructed the regular functioning of business workforces
(including requiring employees to work from external locations and their homes). Accordingly, the risks described above are heightened
under current conditions.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ANTI-TAKEOVER PROVISIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund&rsquo;s Agreement and Declaration of Trust and Bylaws
include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to an
open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares
at a premium over the then-current market price of the Common Shares.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>EFFECTS OF LEVERAGE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Assuming that the Fund&rsquo;s total Financial Leverage represented
approximately 30% of the Fund&rsquo;s Managed Assets (based on the Fund&rsquo;s outstanding Financial Leverage of $373,828,201) and interest
costs to the Fund at a combined average annual rate of 0.69% (based on the Fund&rsquo;s average annual leverage costs for the fiscal year
ended May 31, 2021) with respect to such Financial Leverage, then the incremental income generated by the Fund&rsquo;s portfolio (net
of estimated expenses including expenses related to the Financial Leverage) must exceed approximately 0.21% to cover such interest&nbsp;specifically
related to the debt. These numbers are merely estimates used for illustration. Actual interest rates may vary frequently and may be significantly
higher or lower than the rate estimated&nbsp;above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table is furnished pursuant to requirements of the
SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised
of income, net expenses and changes in the value of investments held in the Fund&rsquo;s portfolio) of -10%, -5%, 0%, 5% and 10%. These
assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&rsquo;s investment portfolio
returns will be. The table further reflects the issuance of Financial Leverage representing approximately 30% of the Fund&rsquo;s Managed
Assets. The table does not reflect any offering costs of Common Shares or Borrowings.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 48%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Assumed portfolio total return (net of expenses)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(10.00%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(5.00%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">0.00%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">5.00%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 8%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">10.00%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">Common Share total return</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(14.55%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(7.42%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(0.29%)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">6.83%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">13.96%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Common Share total return is composed of two elements&mdash;the
Common Share dividends paid by the Fund (the amount of which is largely determined by the Fund&rsquo;s net investment income after</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>167</SUP></P>






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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">paying the carrying cost of Financial Leverage) and realized and
unrealized gains or losses on the value of the securities the Fund owns. As required by Securities and Exchange Commission rules, the
table assumes that the Fund is more likely to suffer capital loss than to enjoy capital appreciation. For example, to assume a total return
of 0%, the Fund must assume that the net investment income it receives on its investments is entirely offset by losses on the value of
those investments. This table reflects the hypothetical performance of the Fund&rsquo;s portfolio and not the performance of the Fund&rsquo;s
Common Shares, the value of which will be determined by market and other factors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the time in which the Fund is utilizing Financial Leverage,
the amount of the fees paid to the Adviser and the Sub-Adviser for investment advisory services will be higher than if the Fund did not
utilize Financial Leverage because the fees paid will be calculated based on the Fund&rsquo;s Managed Assets which may create a conflict
of interest between the Adviser and the Sub-Adviser and the Common Shareholders. Because the Financial Leverage costs will be borne by
the Fund at a specified rate, only the Fund&rsquo;s Common Shareholders will bear the cost of the Fund&rsquo;s fees and expenses. The
Fund generally will not use Financial Leverage if the Adviser and the Sub-Adviser anticipate that such use would result in a lower return
to Common Shareholders for any significant amount of time.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>INTEREST RATE TRANSACTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In connection with the Fund&rsquo;s anticipated use of Financial
Leverage, the Fund may enter into interest rate swap or cap transactions. Interest rate swaps involve the Fund&rsquo;s agreement with
the swap counterparty to pay a fixed-rate payment in exchange for the counterparty&rsquo;s paying the Fund a variable rate payment that
is intended to approximate all or a portion of the Fund&rsquo;s variable-rate payment obligation on the Fund&rsquo;s Financial Leverage.
The payment obligation would be based on the notional amount of the swap, which will not exceed the amount of the Fund&rsquo;s Financial
Leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may use an interest rate cap, which would require it to
pay a premium to the cap counterparty and would entitle it, to the extent that a specified variable-rate index exceeds a predetermined
fixed rate, to receive payment from the counterparty of the difference based on the notional amount. The Fund would use interest rate
swaps or caps only with the intent to reduce or eliminate the risk that an increase in short-term interest rates could have on Common
Share net earnings as a result of Financial Leverage.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund will usually enter into swaps or caps on a net basis;
that is, the two payment streams will be netted out in a cash settlement on the payment date or dates specified in the instrument, with
the Fund&rsquo;s receiving or paying, as the case may be, only the net amount of the two payments. The Fund intends to segregate cash
or liquid securities having a value at least equal to the Fund&rsquo;s net payment obligations under any swap transaction, marked-to-market
daily. The Fund will treat such amounts as illiquid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The use of interest rate swaps and caps is a highly specialized
activity that involves investment techniques and risks different from those associated with ordinary portfolio security transactions.
Depending on the state of interest rates in general, the Fund&rsquo;s use of interest rate instruments could enhance or harm the overall
performance of the Common Shares. To the extent there is a decline in</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>168 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">interest rates, the net amount receivable by the Fund under the
interest rate swap or cap could decline and could thus result in a decline in the net asset value of the Common Shares. In addition, if
short-term interest rates are lower than the Fund&rsquo;s fixed rate of payment on the interest rate swap, the swap will reduce Common
Share net earnings if the Fund must make net payments to the counterparty. If, on the other hand, short-term interest rates are higher
than the fixed rate of payment on the interest rate swap, the swap will enhance Common Share net earnings if the Fund receives net payments
from the counterparty. Buying interest rate caps could enhance the performance of the Common Shares by limiting the Fund&rsquo;s maximum
leverage expense.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Buying interest rate caps could also decrease the net earnings
of the Common Shares if the premium paid by the Fund to the counterparty exceeds the additional cost of the Financial Leverage that the
Fund would have been required to pay had it not entered into the cap agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Interest rate swaps and caps do not involve the delivery of securities
or other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount
of interest payments that the Fund is contractually obligated to make. If the counterparty defaults, the Fund would not be able to use
the anticipated net receipts under the swap or cap to offset the costs of the Financial Leverage. Depending on whether the Fund would
be entitled to receive net payments from the counterparty on the swap or cap, which in turn would depend on the general state of short-term
interest rates at that point in time, such a default could negatively impact the performance of the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Although this will not guarantee that the counterparty does not
default, the Fund will not enter into an interest rate swap or cap transaction with any counterparty that the Adviser believes does not
have the financial resources to honor its obligation under the interest rate swap or cap transaction. Further, the Adviser will regularly
monitor the financial stability of a counterparty to an interest rate swap or cap transaction in an effort to proactively protect the
Fund&rsquo;s investments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In addition, at the time the interest rate swap or cap transaction
reaches its scheduled termination date, there is a risk that the Fund will not be able to obtain a replacement transaction or that the
terms of the replacement will not be as favorable as on the expiring transaction. If this occurs, it could have a negative impact on the
performance of the Common Shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund may choose or be required to prepay Indebtedness. Such
a prepayment would likely result in the Fund&rsquo;s seeking to terminate early all or a portion of any swap or cap transaction. Such
early termination of a swap could result in a termination payment by or to the Fund. An early termination of a cap could result in a termination
payment to the Fund. There may also be penalties associated with early termination.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>FUNDAMENTAL INVESTMENT RESTRICTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund operates under the following restrictions that constitute
fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders of a majority of the
outstanding voting securities of the Fund voting together as a single class, which is defined by the 1940 Act as the lesser of (i) 67%
or more of the Fund&rsquo;s voting securities present at a meeting, if</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>169</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">the holders of more than 50% of the Fund&rsquo;s outstanding voting
securities are present or represented by proxy; or (ii) more than 50% of the Fund&rsquo;s outstanding voting securities. Except as otherwise
noted, all percentage limitations set forth below apply immediately after a purchase or initial investment and any subsequent change in
any applicable percentage resulting from market fluctuations does not require any action. These restrictions provide that the Fund shall
not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">1.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Issue senior securities nor borrow money, except the Fund may issue senior securities or
borrow money to the extent permitted by applicable law.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">2.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Act as an underwriter of securities issued by others, except to the extent that, in connection
with the disposition of portfolio securities, it may be deemed to be an underwriter under applicable securities laws.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">3.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Invest in any security if, as a result, 25% or more of the value of the Fund&rsquo;s total
assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry, except that
this policy shall not apply to securities issued or guaranteed by the U.S. government and its agencies and instrumentalities or tax-exempt
securities of state and municipal governments or their political subdivisions.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">4.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Purchase or sell real estate except that the Fund may: (a) acquire or lease office space
for its own use, (b) invest in securities of issuers that invest in real estate or interests therein or that are engaged in or operate
in the real estate industry, (c) invest in securities that are secured by real estate or interests therein, (d) purchase and sell mortgage-related
securities, (e) hold and sell real estate acquired by the Fund as a result of the ownership of securities and (f) as otherwise permitted
by applicable law.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">5.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from purchasing or selling options, futures contracts
and related options thereon, forward contracts, swaps, caps, floors, collars and any other financial instruments or from investing in
securities or other instruments backed by physical commodities or as otherwise permitted by applicable law.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">6.</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Make loans of money or property to any person, except (a) to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b) through the loan of portfolio securities in an amount up to 33%
of the Fund&rsquo;s total assets, (c) by engaging in repurchase agreements or (d) as may otherwise be permitted by applicable law.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund is a diversified, closed-end management investment company
and will not invest in a manner inconsistent with its classification as a &ldquo;diversified company&rdquo; as provided by the 1940 Act,
the rules and regulations promulgated by the SEC under the 1940 Act or an exemption or other relief applicable to the Fund from provisions
of the 1940 Act. Under the 1940 Act, a &ldquo;diversified company&rdquo; may not with respect to 75% of its total assets, invest more
than 5% of the value of its total assets in the securities of any single issuer or purchase more than 10% of the outstanding securities
of any</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>170 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>





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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Calibri, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="width: 73%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>ADDITIONAL INFORMATION REGARDING THE GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND (THE &ldquo;FUND&rdquo;) (Unaudited) continued</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">one issuer. The Fund&rsquo;s classification as a diversified management
investment company cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of
the Fund voting together as a single class.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For purposes of applying the limitation set forth in subparagraph
(3) above to securities that have a security interest or other collateral claim on specified underlying collateral (such as asset-backed
securities, mortgage-backed securities and collateralized debt and loan obligations) the Fund will determine the industry classifications
of such investments based on the Sub-Adviser&rsquo;s evaluation of the risks associated with the collateral underlying such investments.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>171</SUP></P>





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

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  <TR>
    <TD STYLE="width: 58%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 42%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND INFORMATION</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Board
of Trustees</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Randall C. Barnes</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Angela Brock-Kyle</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amy J. Lee*</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Thomas F. Lydon Jr.</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ronald A. Nyberg</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sandra G. Sponem</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ronald E. Toupin, Jr.,</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Chairman</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">* This Trustee is an &ldquo;interested person&rdquo;
(as</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">defined in Section 2(a)(19) of the 1940 Act)</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">(&ldquo;Interested Trustee&rdquo;) of the Fund because
of</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">her affiliation with Guggenheim Investments.</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Principal Executive Officers</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Brian E. Binder</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>President and Chief Executive Officer</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Joanna M. Catalucci</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Chief Compliance Officer</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amy J. Lee</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Vice President and Chief Legal Officer</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mark E. Mathiasen</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Secretary</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">John L. Sullivan</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Chief Financial Officer, Chief Accounting</I></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>Officer and Treasurer</I></FONT></P></TD>
  <TD STYLE="width: 50%"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment
Adviser</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Funds Investment</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advisors, LLC</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chicago, IL</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investment Sub-Adviser</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guggenheim Partners Investment</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management, LLC</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Santa Monica, CA</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Administrator and Accounting Agent</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MUFG Investor Services (US), LLC</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rockville, MD</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Custodian</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Bank of New York Mellon Corp.</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York, NY</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Legal Counsel</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dechert LLP</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Washington, D.C.</FONT><FONT STYLE="font-size: 13.5pt"><BR>
<BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Independent Registered Public</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accounting Firm</B></FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ernst &amp; Young LLP</FONT><FONT STYLE="font-size: 13.5pt"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tysons, VA</FONT></P></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>172 </SUP>l <B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND ANNUAL REPORT</SUP></P>






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

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  <TR>
    <TD STYLE="width: 64%; padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 36%; padding: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND INFORMATION continued</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">May 31, 2021</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 0pt">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Privacy Principles of Guggenheim Strategic Opportunities Fund
for Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Questions concerning your shares of Guggenheim Strategic Opportunities
Fund?</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; If your shares are held in a Brokerage Account, contact
your Broker.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">&bull; If you have physical possession of your shares in certificate
form, contact the Fund&rsquo;s Transfer Agent: <I>Computershare Trust Company, N.A., P.O. Box 30170 College Station, TX 77842-3170; (866)
488-3559 or online at www.computershare.com/investor</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Paper copies of the Fund&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">A description of the Fund&rsquo;s proxy voting policies and procedures
related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 991-0091.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s website at guggenheiminvestments.com/gof or by accessing the Fund&rsquo;s Form N-PX
on the U.S. Securities and Exchange Commission&rsquo;s (SEC) website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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&rsquo;s Forms N-PORT and N-Q are available on the SEC website at www.sec.gov or at guggenheiminvestments.com/gof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Notice to Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 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.</P>

<P STYLE="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B><SUP></SUP></B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B><SUP>GOF </SUP></B>l <SUP>GUGGENHEIM STRATEGIC OPPORTUNITIES
FUND ANNUAL REPORT </SUP>l <SUP>173</SUP></P>





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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>ABOUT THE FUND MANAGERS</B></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B></B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B></B></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Guggenheim Partners Investment Management, LLC</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Guggenheim Partners Investment Management, LLC (&ldquo;GPIM&rdquo;)
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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment Philosophy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GPIM&rsquo;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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Investment Process</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">GPIM&rsquo;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.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Guggenheim Funds Distributors, LLC</B><BR>
227 West Monroe Street<BR>
Chicago, IL 60606<BR>
Member FINRA/SIPC<BR>
(07/21)</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><B>NOT FDIC-INSURED l NOT BANK-GUARANTEED
l MAY LOSE VALUE</B></P>

<P STYLE="text-align: right; font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>CEF-GOF-AR-0521</B></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right; margin: 0pt 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><B></B></P>

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<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: left"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 2. Code of Ethics.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant has
adopted a code of ethics (the &quot;Code of Ethics&quot;) that applies to its principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No information need
be disclosed pursuant to this paragraph.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant has
not amended its Code of Ethics during the period covered by the report presented in Item 1 hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant has
not granted a waiver or an implicit waiver to its principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions from a provision of its Code of Ethics during the period covered by this report.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The registrant's
Code of Ethics is attached hereto as Exhibit (a)(1).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(2) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(3) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 3. Audit Committee Financial Expert.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The registrant's Board of Trustees has determined that it has at least
one audit committee financial expert serving on its audit committee (the &ldquo;Audit Committee&rdquo;), Sandra G. Sponem. Ms. Sponem
is &ldquo;independent,&rdquo; meaning that she is not an &ldquo;interested person&rdquo; of the Registrant (as that term is defined in
Section 2(a)(19) of the Investment Company Act of 1940, as amended) and she does not accept any consulting, advisory, or other compensatory
fee from the Registrant (except in her capacity as a Board or committee member).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(Under applicable securities laws, a person who is determined to
be an audit committee financial expert will not be deemed an &quot;expert&quot; for any purpose, including without limitation for the
purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert.
The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations,
or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee
and Board of</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"> Trustees in the absence of such designation or identification. The designation or identification of a person as an audit
committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of
Trustees.)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 4. Principal Accountant Fees and Services.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(a) <U>Audit Fees</U>: the aggregate fees billed
for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services
that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $97,616 and $97,616
for the fiscal years ended May 31, 2021, and May 31, 2020, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(b) <U>Audit-Related Fees:</U> the aggregate
fees billed for assurance and related services by the principal accountant that are reasonably related to the performance of the audit
of the registrant&rsquo;s financial statements and are not reported under paragraph 4(a) of this Item, were $24,000 and $28,000 for the
fiscal years ended May 31, 2021, and May 31, 2020, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The registrant&rsquo;s principal accountant
did not bill fees for non-audit services that required approval by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X during the registrant&rsquo;s last two fiscal years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(c) <U>Tax Fees</U>: the aggregate fees billed
for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning, including federal, state
and local income tax return preparation and related advice and determination of taxable income and miscellaneous tax advice were $14,211
and $15,241 for the fiscal years ended May 31, 2021, and May 31, 2020, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The registrant&rsquo;s principal accountant
did not bill fees for tax services that required approval by the Audit Committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation
S-X during the registrant&rsquo;s last two fiscal years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(d) <U>All Other Fees:</U> the aggregate fees
billed for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c)
of this Item 4 were $0 and $0 for the fiscal years ended May 31, 2021, and May 31, 2020, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The registrant&rsquo;s principal accountant
did not bill for services not included in Items 4(a), (b) or (c) above that required approval by the Audit Committee pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X during the registrant&rsquo;s last two fiscal years.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(e) <U>Audit Committee Pre-Approval Policies and Procedures.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">(1) The registrant&rsquo;s audit committee reviews,
and in its sole discretion, pre-approves, pursuant to written pre-approval procedures (A) all engagements for audit and non-audit services
to be provided by the principal accountant to the registrant and (B) all </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0">engagements for non-audit services to be provided by the principal
accountant (1) to the registrant&rsquo;s investment adviser (not including a sub-adviser whose role is primarily portfolio management
and is sub-contracted or overseen by another investment adviser) and (2) to any entity controlling, controlled by or under common control
with the registrant&rsquo;s investment adviser that provides ongoing services to the registrant; but in the case of the services described
in subsection (B)(1) or (2), only if the engagement relates directly to the operations and financial reporting of the registrant; provided
that such pre-approval need not be obtained in circumstances in which the pre-approval requirement is waived under rules promulgated by
the Securities and Exchange Commission or New York Stock Exchange listing standards. Sections V.B.2 and V.B.3 of the registrant&rsquo;s
audit committee&rsquo;s revised Audit Committee Charter contain the Audit Committee&rsquo;s Pre-Approval Policies and Procedures and such
sections are included below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;V.B.2.Pre-approve any engagement of the independent auditors
to provide any non-prohibited services, other than &ldquo;prohibited non-audit services,&rdquo; to the Trust, including the fees and other
compensation to be paid to the independent auditors (unless an exception is available under Rule&nbsp;2-01 of Regulation S-X).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The categories of services to be reviewed and considered for pre-approval include the following (collectively, &ldquo;Identified Services&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit Services</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Annual financial statement audits</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Seed audits (related to new product filings, as required)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>SEC and regulatory filings and consents</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Audit-Related Services</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Accounting consultations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Fund merger/reorganization support services</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Other accounting related matters</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Agreed upon procedures reports</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Attestation reports</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Other internal control reports</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Tax Services</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Recurring tax services:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of Federal and state income tax returns, including extensions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of calculations of taxable income, including fiscal year tax designations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of annual Federal excise tax returns (if applicable)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of calendar year excise distribution calculations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Calculation of tax equalization on an as-needed basis</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of the estimated excise distribution calculations on an as-needed basis</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of quarterly Federal, state and local and franchise tax estimated tax payments on an as-needed basis</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Preparation of state apportionment calculations to properly allocate Fund taxable income among the states for state tax filing purposes</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Provision of tax compliance services in India for Funds with direct investments in India</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with management&rsquo;s identification of passive foreign investment companies (PFICs) for tax purposes</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Permissible non-recurring tax services upon request:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with determining ownership changes which impact a Fund&rsquo;s utilization of loss carryforwards</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with calendar year shareholder reporting designations on Form 1099</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with corporate actions and tax treatment of complex securities and structured products</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with IRS ruling requests and calculation of deficiency dividends</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Conduct training sessions for the Adviser&rsquo;s internal tax resources</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Assistance with Federal, state, local and international tax planning and advice regarding the tax consequences of proposed or actual
transactions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax services related to amendments to Federal, state and local returns and sales and use tax compliance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>RIC qualification reviews</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax distribution analysis and planning</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax authority examination services</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax appeals support services</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax accounting methods studies</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Fund merger, reorganization and liquidation support services</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Tax compliance, planning and advice services and related projects</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>For Identified Services with estimated fees of $25,000 or more, but less than $50,000, the Chair or any member of the Committee designated
by the Chair is hereby authorized to pre-approve such services on behalf of the Committee.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>For Identified Services with estimated fees of $50,000 or more, such services require pre-approval by the Committee.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>All requests for Identified Services to be provided by the independent auditor that were pre-approved by the Committee shall be submitted
to the Chief Accounting Officer (&ldquo;CAO&rdquo;) of the Trust by the independent auditor using the pre-approval request form attached
as Appendix C to the Audit Committee Charter. The Trust&rsquo;s CAO will determine whether such services are included within the list
of services that have received the general pre-approval of the Committee.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>The independent auditors or the CAO of the Trust (or an officer of the Trust who reports to the CAO) shall report to the Committee
at each of its regular quarterly meetings all audit, audit-related and permissible non-audit services initiated since the last such report
(unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee).&nbsp;&nbsp;The
report shall include a general description of the services and projected fees, and the means by which such services were approved by the
Committee (including the particular category of Identified Services under which pre-approval was obtained).</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">V.B.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-approve any
engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any
non-audit services to the Adviser (or any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust), if
the engagement relates directly to the operations and financial reporting of the Trust (unless an exception is available under Rule&nbsp;2-01
of Regulation&nbsp;S-X).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Chair or any member of the Committee designated by the Chair may grant the pre-approval for non-audit services to the Adviser
(or any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust) relating directly to the operations and
financial reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented
to the Committee no later than the next Committee meeting.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>For non-audit services to the Adviser (or any &ldquo;control affiliate&rdquo; of the Adviser providing ongoing services to the Trust)
relating directly to the operations and financial reporting of the Trust for which the estimated fees are $25,000 or more, such services
require pre-approval by the Committee.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 48.95pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 24.5pt">(2) None of the services described in each
of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(f) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, the registrant&rsquo;s investment
adviser (not including a sub-adviser</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"> whose role is primarily portfolio management and is sub-contracted with or overseen by another investment
adviser) and/or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the
registrant were $38,211 and $43,241 for the fiscal years ended May 31, 2021, and May 31, 2020, respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(h) Not applicable.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Item 5. Audit Committee of Listed Registrants.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 13.5pt; text-indent: -13.5pt">(a) The registrant has a separately
designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended.
The Audit Committee of the registrant is composed of: Randall C. Barnes; Angela Brock-Kyle; Thomas F. Lydon, Jr.; Ronald A. Nyberg; Sandra
G. Sponem; and Ronald E. Toupin, Jr.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b) Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 6. Schedule of Investments.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Schedule of Investments is included as part of Item 1.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for
Closed-End Management Investment Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The registrant has delegated the voting of proxies relating to its
voting securities to the registrant&rsquo;s investment sub-adviser, Guggenheim Partners Investment Management, LLC (&ldquo;GPIM&rdquo;).
Guggenheim&rsquo;s proxy voting policies and procedures are included as Exhibit (c) hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8. Portfolio Managers of Closed-End Management Investment
Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(1) GPIM serves as sub-adviser for the registrant and is responsible
for the day-to-day management of the registrant&rsquo;s portfolio.&nbsp;&nbsp;GPIM uses a team approach to manage client portfolios.&nbsp;&nbsp;Day
to day management of a client portfolio is conducted under the auspices of GPIM&rsquo;s Portfolio Construction Group (&ldquo;PCG&rdquo;).&nbsp;&nbsp;PCG&rsquo;s
members include the Chief Investment Officer (&ldquo;CIO&rdquo;) and other key investment personnel.&nbsp;&nbsp;The PCG, in consultation
with the CIO, provides direction for overall investment strategy.&nbsp;&nbsp;The PCG performs several duties as it relates to client portfolios
including: determining both tactical and strategic asset allocations; monitoring portfolio adherence to asset allocation targets; providing
sector specialists with direction for overall investment strategy, which may include portfolio design and the rebalancing of portfolios;
performing risk management oversight; assisting sector managers and research staff in determining the relative valuation of market sectors;
and providing a forum for the regular discussion of the economy and the financial markets to enhance the robustness of GPIM&rsquo;s strategic
and tactical policy directives.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following individuals at GPIM share primary responsibility
for the management of the registrant&rsquo;s portfolio and is provided as of May 31, 2020:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 8in; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: -0.5in; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: -8.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Since</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-right: -0.5in"><FONT STYLE="font-size: 11pt"><B>Professional Experience During the Last Five Years</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; padding-right: -0.5in; text-indent: 0in"><FONT STYLE="font-size: 11pt">Scott Minerd - CIO</FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; padding-right: -8.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD STYLE="vertical-align: top; width: 63%; padding-right: 0.05in"><FONT STYLE="font-size: 11pt">Guggenheim Partners Investment Management, LLC: Global CIO &ndash; 2005&ndash;Present; Guggenheim Partners, LLC: Managing Partner &ndash; Insurance Advisory &ndash; 1998&ndash;Present.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Anne B. Walsh, CFA, FLMI &ndash; Senior Managing Director and Assistant CIO</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -8.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">2007</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in"><FONT STYLE="font-size: 11pt">Guggenheim Partners Investment Management, LLC: Senior Managing Director and Assistant CIO &ndash; 2007&ndash;2021; Managing Partner and CIO- Fixed Income - 2021- Present&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -8.7pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Steven Brown &ndash; Managing Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -8.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">2017</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Guggenheim Partners Investment Management, LLC Senior Managing Director 2019- Present;Managing Director &ndash; 2016 to 2019; Guggenheim Partners Investment Management, LLC &ndash; Director 2014 to 2016; Guggenheim Partners Investment Management, LLC &ndash; Vice President 2013 to 2014; Senior Associate 2012 to 2013.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: -5.4pt; text-indent: 0in"><FONT STYLE="font-size: 11pt">Adam Bloch &ndash; Director </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -8.7pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 11pt">2018</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt; background-color: white">Guggenheim Partners Investment Management, LLC: Managing Director 2019- Present; Director &ndash; 2015- 2019; Vice President &ndash; 2014-2015; Senior Associate &ndash; 2013-2014; Associate &ndash; 2012-2013. Bank of America Merrill Lynch: Associate &ndash; 2011-2012.</FONT></TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(2)(i-iii) <I>Other Accounts Managed by the Portfolio Managers</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: red"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following tables summarize information regarding each of the other
accounts managed by the Guggenheim portfolio managers as of May 31, 2020:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Scott Minerd:</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%; padding-right: -3.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Type
    of Account</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 12%; padding-right: -4.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 16%; padding-right: -6.15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 19%; padding-right: -3.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts In Which the Advisory Fee is Based on Performance</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 19%; padding-right: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts In Which the Advisory Fee is Based on Performance</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered
    investments companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12,153,041,292
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    pooled investment vehicles</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;59
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14,869,525,793
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37
</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$10,169,851,891
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$175,185,325,306
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$5,399,132,067
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Anne B. Walsh:
</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%; padding-right: -3.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Type
    of Account</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 12%; padding-right: -4.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 16%; padding-right: -6.15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 19%; padding-right: -3.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts In Which the Advisory Fee is Based on Performance</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 19%; padding-right: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts In Which the Advisory Fee is Based on Performance</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered
    investments companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$46,412,812,981
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    pooled investment vehicles</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,556,516,475
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,736,341,207
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$162,841,062,889
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$166,839,437
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Steven Brown:
</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; padding-right: -3.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Type
    of Account</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 13%; padding-right: -4.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 15%; padding-right: -6.15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 20%; padding-right: -3.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts In Which the Advisory Fee is Based on Performance</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 20%; padding-right: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts In Which the Advisory Fee is Based on Performance</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered
    investments companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$46,466,637,278
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    pooled investment vehicles</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;5
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,556,516,475
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,736,341,207
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;28
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$18,696,446,764
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$166,839,437
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Adam Bloch:
</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 32%; padding-right: -3.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Type
    of Account</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 13%; padding-right: -4.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 15%; padding-right: -6.15pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 20%; padding-right: -3.1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Accounts In Which the Advisory Fee is Based on Performance</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 20%; padding-right: -4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Assets in the Accounts In Which the Advisory Fee is Based on Performance</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered
    investments companies</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;
    22 </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$45,750,819,798
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    pooled investment vehicles</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;5
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,556,516,475
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,736,341,207
    </FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    accounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;28
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$18,696,446,764
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$166,839,437
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(2)(iv) <I>Potential Conflicts of Interest</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Actual or apparent conflicts of interest may arise when a portfolio manager
has day-to-day management responsibilities with respect to more than one fund or other account. More specifically, portfolio managers
who manage multiple funds and/or other accounts may be presented with one or more of the following potential conflicts.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The management of multiple funds and/or other accounts may result in a
portfolio manager devoting unequal time and attention to the management of each fund and/or other account. GPIM seeks to manage such competing
interests for the time and attention of a portfolio manager by having the portfolio manager focus on a particular investment discipline.
Specifically, the ultimate decision maker for security selection for each client portfolio is the Sector Specialist Portfolio Manager.&nbsp;&nbsp;They
are responsible for analyzing and selecting specific securities that they believe best reflect the risk and return level as provided in
each client&rsquo;s investment guidelines.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">GPIM may have clients with similar investment strategies.&nbsp;&nbsp;As
a result, if an investment opportunity would be appropriate for more than one client, GPIM may be required to choose among those clients
in allocating such opportunity, or to allocate less of such opportunity to a client than it would ideally allocate if it did not have
to allocate to multiple clients.&nbsp;&nbsp;In addition, GPIM may determine that an investment opportunity is appropriate for a particular
account, but not for another.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Allocation decisions are made in accordance with the investment objectives,
guidelines, and restrictions governing the respective clients and in a manner that will not unfairly favor one client over another. GPIM&rsquo;s
allocation policy provides that investment decisions must never be based upon account performance or fee structure.&nbsp;&nbsp;Accordingly,
GPIM&rsquo;s allocation procedures are designed to ensure that investment opportunities are</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"> allocated equitably among different client
accounts over time.&nbsp;&nbsp;The procedures also seek to ensure reasonable efficiency in client transactions and to provide portfolio
managers with flexibility to use allocation methodologies appropriate to GPIM&rsquo;s investment disciplines and the specific goals and
objectives of each client account.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In order to minimize execution costs and obtain best execution for clients,
trades in the same security transacted on behalf of more than one client may be aggregated.&nbsp;&nbsp;In the event trades are aggregated,
GPIM&rsquo;s policy and procedures provide as follows: (i) treat all participating client accounts fairly; (ii) continue to seek best
execution; (iii) ensure that clients who participate in an aggregated order will participate at the average share price with all transaction
costs shared on a pro-rata basis based on each client&rsquo;s participation in the transaction; (iv) disclose its aggregation policy to
clients.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">GPIM, as a fiduciary to its clients, considers numerous factors in arranging
for the purchase and sale of clients&rsquo; portfolio securities in order to achieve best execution for its clients.&nbsp;&nbsp;When selecting
a broker, individuals making trades on behalf of GPIM clients consider the full range and quality of a broker&rsquo;s services, including
execution capability, commission rate, price, financial stability and reliability.&nbsp;&nbsp;GPIM is not obliged to merely get the lowest
price or commission but also must determine whether the transaction represents the best qualitative execution for the account.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">In the event that multiple broker/dealers make a market in a particular
security, GPIM&rsquo;s Portfolio Managers are responsible for selecting the broker-dealer to use with respect to executing the transaction.&nbsp;&nbsp;The
broker-dealer will be selected on the basis of how the transaction can be executed to achieve the most favorable execution for the client
under the circumstances.&nbsp;&nbsp;In many instances, there may only be one counter-party active in a particular security at a given
time.&nbsp;&nbsp;In such situations the Employee executing the trade will use his/her best effort to obtain the best execution from the
counter-party.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">GPIM and the registrant have adopted certain compliance procedures which
are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation
in which a conflict arises.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)(3) <I>Portfolio Manager Compensation</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">GPIM compensates the portfolio managers for their management of the registrant&rsquo;s
portfolio. Compensation is evaluated based on their contribution to investment performance relative to pertinent benchmarks and qualitatively
based on factors such as teamwork and client service efforts.&nbsp;&nbsp;GPIM&rsquo;s staff incentives may include: a competitive base
salary, bonus determined by individual and firm wide performance, equity participation, and participation opportunities in various GPIM
investments.&nbsp;&nbsp;All GPIM employees are also eligible to participate in a 401(k) plan to which GPIM may make a discretionary match
after the completion of each plan year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a)(4) <I>Portfolio Manager Securities Ownership</I></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The following table discloses the dollar range of equity securities of
the registrant beneficially owned by each GPIM portfolio manager as of May 31, 2021:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 51%"><B>Name of Portfolio Manager</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: right"><B>Dollar Amount of Equity Securities in Fund</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Scott Minerd</TD>
    <TD STYLE="text-align: right">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Anne B. Walsh</TD>
    <TD STYLE="text-align: right">$100,001-$500,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Steven Brown</TD>
    <TD STYLE="text-align: right">None</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Adam Bloch</TD>
    <TD STYLE="text-align: right">None</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">None.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 10. Submission of Matters to a Vote of Security Holders.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">The registrant has not made any material changes to the procedures
by which shareholders may recommend nominees to the registrant&rsquo;s Board of Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 11. Controls and Procedures.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a) The registrant's principal executive officer and principal financial
officer have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act)
as of a date within 90 days of this filing and have concluded based on such evaluation, as required by Rule 30a-3(b) under the Investment
Company Act, that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required
to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission&rsquo;s rules and forms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b) There were no changes in the registrant&rsquo;s internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant&rsquo;s period
covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a) The registrant has not participated in securities lending activities
during the period covered by this report.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(b) Not applicable</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 13. Exhibits.</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A HREF="ex99codeofethics.htm">(a)(1) &#9;Code of Ethics for Chief Executive and Senior Financial Officers.</A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A HREF="ex99cert.htm">(a)(2) &#9;Certifications of principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act.</A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(a)(3)&#9;Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A HREF="ex99906.htm">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A HREF="ex99c.htm">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Partners Investment Management, LLC Proxy Voting Policies and Procedures.</A></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">(Registrant) <U>Guggenheim Strategic Opportunities Fund </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By:<U> /s/ Brian Binder</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Name:&#9;<FONT STYLE="background-color: white">Brian Binder</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title:&#9;President and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9;August 6, 2021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By: <U>/s/ Brian Binder</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Name:&#9;<FONT STYLE="background-color: white">Brian Binder</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title:&#9;President and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9;August 6, 2021</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">By: <U>/s/ John L. Sullivan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Name:&#9;John L. Sullivan</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title:&#9;Chief Financial Officer, Chief Accounting Officer and
Treasurer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9;August 6, 2021</P>

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

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

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<P STYLE="font: 10pt/11.3pt Times New Roman, Times, Serif; margin: 0.1in 0 0; text-align: right"><B>EXHIBIT (a)(1)</B></P>

<P STYLE="font: 10pt/11.3pt Times New Roman, Times, Serif; margin: 0.1in 0 0; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt/11.55pt Times New Roman, Times, Serif; margin: 11.25pt 0 0; text-align: center"><B>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE
AND<BR>
SENIOR FINANCIAL OFFICERS</B></P>

<P STYLE="font: 10pt/11.3pt Times New Roman, Times, Serif; margin: 11.7pt 0 0 0.1in"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered
Officers/Purpose of the Code</B></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.3pt 0.1in 0; text-align: justify">This code of ethics (the &ldquo;Code&rdquo;)
is applicable to Guggenheim Funds (each a &ldquo;Company&rdquo; and together the &ldquo;Companies,&rdquo; each set forth in Exhibit A)
and applies to the Companies&rsquo; President/CEO (Principal Executive Officer),and CFO/Treasurer (Principal Financial Officer)(the &ldquo;Covered
Officers&rdquo;) for the purpose of promoting:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">full, fair, accurate, timely and understandable disclosure in reports and documents
that a registrant files with, or submits to, the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and in other public communications
made by the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">compliance with applicable laws and governmental rules and regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">the prompt internal reporting of violations of the Code to an appropriate person
or persons identified in the Code; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">accountability for adherence to the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.6pt 0.1in 0; text-align: justify">Covered Officers are expected
to dedicate their best efforts to advancing the Trust&rsquo;s interests and to use objective and unbiased standards when making decisions
that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts
of interest.<BR>
<BR>
</P>

<P STYLE="font: 10pt/11.3pt Times New Roman, Times, Serif; margin: 0.25pt 0 0 0.1in"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered
Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</B></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.55pt 0.1in 0; text-align: justify; text-indent: 0.5in"><B>Overview.
</B>A &ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s private interest interferes with the interests of, or his
or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family,
receives improper personal benefits as a result of his or her position with the Company.</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.4pt 0.1in 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.1pt">Certain
conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;) and the Investment Advisers Act of 1940 (&ldquo;Investment
Advisers Act&rdquo;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale
of securities or other property) with the Company because of their status as &ldquo;affiliated persons&rdquo; of the Company. The Company's
and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these
provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside
of the parameters of this Code.</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.5pt 0.1in 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">Although
typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship
between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes
that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both),
be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation
of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent
with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions
of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition,
it is recognized by the Funds&rsquo; Boards of Trustees (&ldquo;Boards&rdquo;) that the Covered Officers may also be officers or employees
of one or more other investment companies covered by this code.</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.65pt 0.1in 0.15in; text-align: justify; text-indent: 0.5in">Other
conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers
should keep in mind that these examples are not exhaustive. <B>The overarching principle is that the personal interest of a Covered Officer
should not be placed improperly before the interest of the Company.</B></P>


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<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 6.7pt 0 0 260pt"><FONT STYLE="letter-spacing: -0.15pt">*&#9;*&#9;*</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.1in">Each Covered Officer must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">not use his or her personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the
Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">not cause the Company to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">report at least annually his or her affiliations or other relationships which may
give rise to conflicts of interest with the Funds (provided that annual completion of the Funds&rsquo; /Trustees and Officers Questionnaire
shall satisfy the requirements of this bullet point).</TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 12.95pt 0.1in 0; text-align: justify">There are some conflict of interest
situations that should always be discussed with the Secretary of the Funds (the &quot;Secretary&quot;), or other senior legal officer,
if material. Examples of these include:<SUP>1</SUP></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 10.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&#183;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">service as a director on the board of any public company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&#183;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">the receipt of any non de minimis gifts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">the receipt of any entertainment from any company with which the Company has current
or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place,
and not so frequent as to raise any question of impropriety;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol; letter-spacing: -0.05pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in"><FONT STYLE="letter-spacing: -0.05pt">any ownership interest in, or any consulting
or employment relationship with, any of the Company&rsquo;s service providers, other than its investment adviser, principal underwriter,
administrator or any affiliated person thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">a direct or indirect financial interest in commissions, transaction charges or spreads
paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered
Officer&rsquo;s employment, such as compensation or equity ownership.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.3pt Times New Roman, Times, Serif; margin: 11.8pt 0 0 0.1in"><B>III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure
and Compliance</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">Each Covered Officer should familiarize himself or herself with the disclosure requirements
generally applicable to the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">each Covered Officer should not knowingly misrepresent, or cause others to misrepresent,
facts about the Company to others, whether within or outside the Company, including to the Company&rsquo;s directors and auditors, and
to governmental regulators and self-regulatory organizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">each Covered Officer should, to the extent appropriate within his or her area of
responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate,
timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">it is the responsibility of each Covered Officer to promote compliance with the
standards and restrictions imposed by applicable laws, rules and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt/23.05pt Times New Roman, Times, Serif; margin: 11.5pt 0 31pt 0.1in"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting
and Accountability<BR>
</B>Each Covered Officer must:</P>

<P STYLE="font: 10pt/10.4pt Times New Roman, Times, Serif; margin: 6.4pt 0.55in 5.1pt 0.35in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt/10.4pt Times New Roman, Times, Serif; margin: 6.4pt 0.55in 5.1pt 0.35in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/10.4pt Times New Roman, Times, Serif; margin-top: 6.4pt; margin-bottom: 5.1pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 6pt">1</FONT></TD><TD STYLE="padding-right: 0.55in"><FONT STYLE="font-size: 9pt">Any activity or relationship that would present a conflict for a Covered
Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer&rsquo;s family engages in such
an activity or has such a relationship.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 7.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">upon adoption of the Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">not retaliate against any other Covered Officer or any employee of the Funds or
their affiliated persons for reports of potential violations that are made in good faith; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">notify the Secretary promptly if he or she knows of any violation of this Code.
Failure to do so is itself a violation of this Code.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.4pt 0.1in 0; text-align: justify"><FONT STYLE="letter-spacing: 0.05pt">The
Secretary, or other designated senior legal officer of the Funds&rsquo; investment adviser, is responsible for applying this Code to specific
situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<SUP>2</SUP>
However, any approvals or waivers<SUP>3</SUP> sought by the President/ CEO) will be considered by the Audit Committee of the Funds (the
&ldquo;Committee&rdquo;). The Chairman of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with
the Chairman of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel
to the Trust, the Investment Adviser(s) or the Independent Trustees.</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.8pt 0.1in 0; text-align: justify">The Independent Trustees are responsible
for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form
N-CSR<SUP>3</SUP> to the extent required by Securities and Exchange Commission rules.</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.1in">The Funds will follow these procedures in investigating
and enforcing this Code:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">the Secretary or other designated senior legal officer will take all appropriate
action to investigate any potential violations reported to him or her;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">if, after such investigation, the Secretary believes that no violation has occurred,
the Secretary is not required to take any further action;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any matter that the Secretary believes is a violation will be reported to the Committee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 0.1in">if the Committee concurs that a violation has occurred, it will inform and make
a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to,
applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation
to dismiss the Covered Officer as an officer of the Funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the Board will be responsible for granting waivers, as appropriate; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 12.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.</TD></TR></TABLE>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 11.8pt 0 0 0.1in"><FONT STYLE="letter-spacing: -0.05pt"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Policies and Procedures</B></FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.4pt 0.1in 9.7pt; text-align: justify">This Code shall be the sole
code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered
investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds&rsquo; adviser, principal underwriter,
or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code,
they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds&rsquo; and their
investment adviser&rsquo;s and principal underwriter&rsquo;s codes of ethics under Rule 17j-1 under the Investment Company Act are separate
requirements applying to the Covered Officers and others, and are not part of this Code.</P>

<P STYLE="font: 8pt/11.85pt Times New Roman, Times, Serif; margin: 7.8pt 0.35in 0 0.4in; text-indent: -0.3in">&nbsp;</P>

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<P STYLE="font: 8pt/11.85pt Times New Roman, Times, Serif; margin: 0pt 0.35in 0 0.4in; text-indent: -0.3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.85pt Times New Roman, Times, Serif; margin-top: 7.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 8pt">2&#9;</FONT></TD><TD STYLE="padding-right: 0.35in">The Secretary or other designated senior legal officer is authorized to consult, as appropriate,
                                                                                                                                                                          with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin-top: 6.05pt; margin-bottom: 5.35pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt"><SUP>3</SUP></FONT></TD><TD STYLE="padding-right: 0.1in">Item 2 of Form N-CSR defines &ldquo;waiver&rdquo; as &ldquo;the approval by the registrant of a material
departure from a provision of the code of ethics&rdquo; and &ldquo;implicit waiver,&rdquo; which must also be disclosed, as &ldquo;the
registrant&rsquo;s failure to take action within a reasonable period of time regarding a material departure from a provision of the code
of ethics that has been made known to an executive officer&rdquo; of the registrant.</TD></TR></TABLE>


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<P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 18.75pt 0 0 0.1in"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments</B></P>

<P STYLE="font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 0 0 0.1in"><FONT STYLE="letter-spacing: 0.2pt">Any amendments to
this Code must be approved or ratified by a majority vote of the Board, including a majority of</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.1in">independent directors/trustees.</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 23.3pt 0 0 0.1in"><B>VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality</B></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0.1in; text-align: justify">All reports and records prepared or maintained
pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required
by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, as appropriate Trust, its counsel,
the Adviser and its counsel and any otheradvisers, consultants or counsel retained by the Board of Trustees.</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.1in"><FONT STYLE="letter-spacing: 0.6pt"><B>VIII. Internal
Use</B></FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 11.1pt 0.1in 3pt; text-align: justify">The Code is intended solely
for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance,
or legal conclusion.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/12.45pt Times New Roman, Times, Serif; margin: 0.2pt 0 0; text-align: center"><B>Exhibit A - Covered Entities</B></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 24.2pt 0 0pt; text-align: center"><B>Claymore Exchange-Traded
Fund Trust<BR>
Claymore Exchange-Traded Fund Trust 2<BR>
Fiduciary/Claymore MLP Opportunity Fund (&ldquo;FMO&rdquo;)<BR>
Guggenheim Taxable Municipal Bond &amp; Investment Grade Debt Trust (&ldquo;GBAB&rdquo;)<BR>
Guggenheim Credit Allocation Fund (&ldquo;GGM&rdquo;)<BR>
Guggenheim Enhanced Equity Income Fund (&ldquo;GPM&rdquo;)<BR>
Guggenheim Enhanced Equity Strategy Fund (&ldquo;GGE&rdquo;)<BR>
Guggenheim Equal Weight Enhanced Equity Income Fund (&ldquo;GEQ&rdquo;)<BR>
Guggenheim Floating Rate &amp; Income Fund (&ldquo;GFT&rdquo;)<BR>
Guggenheim Strategic Opportunities Fund (&ldquo;GOF&rdquo;)<BR>
Guggenheim Energy &amp; Income Fund (&ldquo;XGEIX&rdquo;)<BR>
Guggenheim Funds Trust (&ldquo;GFT&rdquo; and its series, the &ldquo;Open-End Funds&rdquo;)<BR>
Guggenheim Variable Funds Trust (&ldquo;GVGT&rdquo; and its series, the &ldquo;Variable Insurance Funds&rdquo;)<BR>
Guggenheim Strategy Funds Trust (&ldquo;GSF&rdquo;)<BR>
Rydex Series Funds<BR>
Rydex Dynamic Funds<BR>
Rydex Variable Trust<BR>
Rydex ETF Trust</B></P>

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<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 24.2pt 0 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>Exhibit P-2</B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">This is to certify that I have received, read and understand the
Code of Ethics for Chief Executive and Senior Financial Officers and that I recognize that I am subject to the provisions thereof and
will comply with the policy and procedures contained therein.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">This is to further certify that I have complied with the requirements
of the Code of Ethics for Chief Executive and Senior Financial Officers.</P>

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Signature: ____________________</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Name: _______________________</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Date: ________________________</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Please sign two copies of this Certification Form, return one copy
to the Chief Compliance Officer and retain the other copy, together with a copy of the Code of Ethics for Chief Executive and Senior Financial
Officers, for your records.</P>

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


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<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.6in; text-align: right; text-indent: 0.5in"><B>EXHIBIT (a)(2)</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 9.5pt">I, </FONT><FONT STYLE="font-size: 10pt; background-color: white">Brian
Binder</FONT><FONT STYLE="font-size: 9.5pt">, certify that:</FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1. I have reviewed this report on Form N-CSR
of Guggenheim Strategic Opportunities Fund;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4. The registrant's other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d) Disclosed in this report any change in
the registrant&rsquo;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&rsquo;s internal control over financial reporting: and</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5. The registrant's other certifying officer
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9;August 6, 2021</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 3in"><U>/s/ <FONT STYLE="font-size: 10pt; background-color: white">Brian
Binder</FONT></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-indent: 220pt; margin-top: 0; margin-bottom: 6pt; text-align: left"><FONT STYLE="font-size: 9.5pt">&#9;</FONT><FONT STYLE="font-size: 10pt; background-color: white">Brian
Binder</FONT><FONT STYLE="font-size: 9.5pt">&#9; </FONT></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-indent: 220pt; text-align: left; margin-top: 0; margin-bottom: 6pt">President and Chief Executive Officer</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; text-indent: 220pt; text-align: left; margin-top: 0; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">I, John L. Sullivan, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">1. I have reviewed this report on Form N-CSR
of Guggenheim Strategic Opportunities Fund;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">4. The registrant's other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(c) Evaluated the effectiveness of the registrant&rsquo;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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(d) Disclosed in this report any change in the
registrant&rsquo;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&rsquo;s internal control over financial reporting: and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">5. The registrant's other certifying officer
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Date:&#9; August 6, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 2.5in"><U>/s/ John L. Sullivan</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-indent: 0.5in">John L. Sullivan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in">Chief Financial Officer, Chief Accounting Officer and Treasurer</P>


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<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>ex99906.htm
<DESCRIPTION>CERTIFICATION
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>EXHIBIT (b)</B></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Certification of CEO and CFO Pursuant to</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">18 U.S.C. Section 1350,</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">as Adopted Pursuant to</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">Section 906 of the Sarbanes-Oxley Act of
2002</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">In connection with the Report on Form N-CSR of Guggenheim Strategic
Opportunities Fund (the &ldquo;Issuer&rdquo;) for the annual period ended May 31, 2021 (the &ldquo;Report&rdquo;), Brian Binder, as President
and Chief Executive Officer of the Issuer, and John L. Sullivan, as Chief Financial Officer, Chief Accounting Officer and Treasurer of
the Issuer, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that, to the best of his knowledge:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Issuer.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Dated:&#9;August 6, 2021</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Brian Binder</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Name:&#9;<FONT STYLE="background-color: white">Brian Binder</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title:&#9;President and Chief Executive Officer</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ John L. Sullivan</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Name:&#9;John L. Sullivan</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Title:&#9;Chief Financial Officer, Chief Accounting Officer and
Treasurer</P>


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<TYPE>EX-99
<SEQUENCE>5
<FILENAME>ex99c.htm
<DESCRIPTION>PROXY VOTING POLICIES AND PROCEDURES
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>EXHIBIT (c)</B></P>

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25"><IMG SRC="image_010.jpg" ALT=""></p>

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">Guggenheim Partners Investment Management, LLC</p>

<p style="font-size: 24pt; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">Proxy Voting Policy and Procedures</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">&#160;</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">Sponsor<br>
<font style="font-weight: normal">Guggenheim Partners Investment Management, LLC<br>
Chief Compliance Officer</font></p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt"><b>Owner</b><br>
GPIM Director of Policies and Procedures<br>
<br style="line-height: 1.25">
<br>
<b>Contact</b><br>
<u>arik.hirschfeld@guggenheimpartners.com</u></p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt"><b>Effective Date</b><br>
March 30, 2018</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">By receiving, reading or reviewing this Proxy Voting Policy and Procedures
(the &#8220;Proxy Voting Policy&#8221;) in whole or in part, you agree to the following terms and conditions:</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">The Proxy Voting Policy and all of its contents are the proprietary
and confidential property of Guggenheim Partners Investment Management, LLC and its affiliated entities (&#8220;Guggenheim&#8221;), and
may not be used by any other person, firm or individual and may not be redistributed except with the written permission of Guggenheim.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">It is being provided to you in connection with the conduct of due
diligence and for no other purpose or use.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">IT MAY NOT BE REPRODUCED OR REDISTRIBUED; IS NOT INTENDED AS A DISCLOSURE
OF ANY SORT; IT MAY BE CHANGED AT ANY TIME IN ANY MANNER WITHOUT THE CONSENT OF ANY PERSON AND WITHOUT NOTICE, IN THE SOLE DISCRETION
OF GUGGENHEIM; THERE IS NO COMMITMENT TO FOLLOW ANY PROCESS OR PROVISIONS DESCRIBED IN THIS PROVY VOTING POLICY OTHER THAN THOSE SPECIFICALLY
REQUIRED BY APPLICABLE LAW, RULES OR REGULATIONS; GUGGENHEIM MAY, IN ITS DISCRETION, DEVIATE FROM THE PROCESSES AND PROVISIONS DESCRIBED
IN THIS PROXY VOTING POLICY AT ANY TIME, INCLUDING WITHOUT LIMITATION, WHERE GUGGENHEIM DETERMINES THAT SUCH A DEVIATION IS PERMISSIBLE,
NECESSARY, APPROPRIATE AND/OR DESIRABLE.</p>

<p style="line-height: 1.25">Innovative Solutions. <b>Enduring Values. <font style="font-size: smaller; line-height: 1; vertical-align: text-top">&#174;</font></b></p>

<p></p>



<p></p>


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</p>

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    <td style="width: 65%">&nbsp;</td>
    <td style="text-align: right; width: 25%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td colspan="3" style="text-align: left; line-height: 1.25"><b>Table of Contents</b>&#160;</td>
    <td style="text-align: right; line-height: 1.25">&nbsp;</td></tr>
  <tr style="vertical-align: middle">
    <td colspan="4" style="text-align: left; line-height: 1.25">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; line-height: 1.25">1.&#160;</td>
    <td colspan="2" style="text-align: left; line-height: 1.25">Policy Statement&#160;</td>
    <td style="text-align: right; line-height: 1.25">2&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; line-height: 1.25">2.&#160;</td>
    <td colspan="2" style="text-align: left; line-height: 1.25">Procedures&#160;</td>
    <td style="text-align: right; line-height: 1.25">3&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.1.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Overview&#160;</td>
    <td style="text-align: right; line-height: 1.25">3&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.2.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Resolving Potential Conflicts of Interest&#160;</td>
    <td style="text-align: right; line-height: 1.25">3&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.3.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Special Situations (As Applicable)&#160;</td>
    <td style="text-align: right; line-height: 1.25">4&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.4.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Undue Influence&#160;</td>
    <td style="text-align: right; line-height: 1.25">6&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.5.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Recordkeeping&#160;</td>
    <td style="text-align: right; line-height: 1.25">6&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; line-height: 1.25">&nbsp;</td>
    <td style="text-align: left; line-height: 1.25">2.6.&#160;</td>
    <td style="text-align: left; line-height: 1.25">Disclosure&#160;</td>
    <td style="text-align: right; line-height: 1.25">7&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; line-height: 1.25">3.&#160;</td>
    <td colspan="2" style="text-align: left; line-height: 1.25">APPPENDIX A&#160;</td>
    <td style="text-align: right; line-height: 1.25">7&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>

<p></p>


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<p style="line-height: 1.25">&#160;</p>

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</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">1. Policy Statement</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">Guggenheim Partners Investment Management, LLC (&#8220;GPIM&#8221;)
generally is responsible for voting proxies with respect to securities held in client accounts, including clients registered as investment
companies under the Investment Company Act of 1940 (&#8220;40 Act Funds&#8221;) and clients that are pension plans (&#8220;Plans&#8221;)
subject to the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;). This document sets forth GPIM&#8217;s policies and
guidelines with respect to proxy voting and its procedures to comply with SEC Rule 206(4)-6 under the Investment Advisers Act of 1940.
Rule 206(4)-6 requires each registered investment adviser that exercises proxy voting authority with respect to client securities to:</p>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Adopt and implement written policies and procedures reasonably designed to ensure that the
adviser votes client securities in the best interest of clients; such policies and procedures must address the manner in which the adviser
will resolve material conflicts of interest that can arise during the proxy voting process;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Disclose to clients how they may obtain information from the adviser about how the adviser
voted proxies with respect to their securities; and</TD>
</TR></TABLE>

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<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Describe to clients the adviser&#8217;s proxy voting procedures and, upon request, furnish
a copy of the policies and procedures.</TD>
</TR></TABLE>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">Where GPIM has been delegated the responsibility
for voting proxies, it must take reasonable steps under the circumstances to ensure that proxies are received and voted in the best long-term
interests of its clients. This generally means voting proxies with a view to enhancing the value of the securities held in client accounts,
considering all relevant factors and without giving undue weight to the opinions of individuals or groups who may have an economic interest
in the outcome of the proxy vote. GPIM&#8217;s authority is initially established by its advisory contracts or comparable documents. Clients,
however, may change their proxy voting direction at any time.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">The financial interest of GPIM&#8217;s clients is
the primary consideration in determining how proxies should be voted. Any material conflicts of interest between GPIM and its clients
with respect to proxy voting are resolved in the best interests of the clients.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">This policy covers only proxy voting. It does not
cover corporate actions, such as rights offerings, tender offers, and stock splits, or actions initiated by holders of a security rather
than the issuer (such as reset rights for a CLO). This policy also does not cover legal actions, such as bankruptcy proceedings or class
action lawsuits. Corporate and legal actions involve decisions about a security itself, rather than decisions about the governance of
the security&#8217;s issuer. As such, the investment team managing the client&#8217;s account will decide whether and how to respond to
a corporate or legal action about which they are notified, with assistance from Compliance or Legal as needed.</p>

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    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">2&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>

<p></p>


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</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">2. Procedures</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.1. Overview</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">Guggenheim Partners Investment Management, LLC
(&#8220;GPIM&#8221;) utilizes the services of an outside proxy voting firm, Institutional Shareholder Services Inc. (&#8220;ISS&#8221;),
to act as agent for the proxy process, to maintain records on proxy votes for its clients, and to provide independent research on corporate
governance, proxy and corporate responsibility issues. The proxy voting guidelines (the &#8220;Guidelines&#8221;), attached as Appendix
A to these Proxy Voting Policy and Procedures, set forth the ISS guidelines that GPIM uses in voting specific proposals. Depending on
the objective of the client account and the portfolio team managing, GPIM will assess the proxy voting guidelines in Appendix A to determine
how proxies will be voted. GPIM reviews these voting recommendations and generally votes proxies in accordance with such recommendations.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">However, the vote entered on a client&#8217;s behalf
with respect to a particular proposal may differ from the Guidelines if it is determined to be in the best interest of the client or if
required to deviate under applicable rule, law or regulation. If a proposal is voted in a manner different than set forth in the Guidelines,
the reasons therefore shall be documented in writing by the appropriate investment team(s) and retained by Operations. The manner in which
specific proposals are to be voted may differ based on the type of client account. For example, a specific type of proposal may be considered
on a case-by-case basis for socially aware client accounts, while all other accounts may always vote in favor of the same type of proposal.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">The Guidelines apply whether the issuer, a third
party, or both solicit GPIM&#8217;s vote. For example, if an activist investor solicits GPIM to vote against management on a certain issue,
GPIM will consult the Guidelines and determine whether to vote the proxy in accordance with the Guidelines or, if the Guidelines are contrary
to the activist&#8217;s position, whether to vote in accordance with the recommendation of the activist investor.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">In the absence of contrary instructions received
from GPIM, ISS will vote proxies in accordance with the Guidelines attached as Appendix A hereto, as such Guidelines may be revised from
time to time. ISS will employ these guidelines based on account set up instructions received from Operations. ISS will notify Operations
of all proxy proposals that do not fall within the Guidelines (i.e. proposals which are either not addressed in the Guidelines or proposals
for which GPIM has indicated that a decision will be made on a case-by-case basis, such as fixed-income securities). Such proposals will
be forwarded by Operations to the investment team(s) responsible for the client account. If the investment team(s) responsible determines
that there is no material conflict of interest, the proposal will be voted in accordance with the recommendation of said team(s).</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.2. Resolving Potential Conflicts
of Interest</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">GPIM may occasionally be subject to conflicts of
interest in the voting of proxies due to relationships it maintains with persons having an interest in the outcome of certain votes.</p>

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    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">3&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>

<p style="margin-top: 10pt; margin-bottom: 10pt"></p>


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</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">The proxies that are not addressed by the Guidelines
or are to be voted on a case-by-case basis will be forwarded to the appropriate investment management team(s) by Operations. Common examples
of conflicts in the voting of proxies are<b>: </b>(a) GPIM or a GPIM affiliate provides or is seeking to provide services to the company
on whose behalf proxies are being solicited, or (b) an employee of GPIM or its affiliate has a personal relationship with the company&#8217;s
management or another proponent of a proxy issue. Senior members of the investment team responsible for voting the proxy will decide whether
a material conflict of interest exists. If a material conflict of interest exists, the investment team will consult representatives of
Investment Management and GPIM Compliance (the ad hoc &#8220;Committee&#8221;) (and Legal, as necessary) to determine how to vote the
proxy consistent with the procedures below.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">If the Guidelines direct that proxies should be
voted in a certain manner (e.g. vote against staggered boards), then GPIM will vote the proxy according to the Guidelines. In the absence
of established Guidelines (e.g., in instances where there are no Guidelines, or the Guidelines provide for a &#8220;case-by-case&#8221;
review), GPIM may vote a proxy regarding that proposal in any of the following ways, as recommended by the Committee:</p>

<p></p>

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  <tr style="vertical-align: top">
    <td style="text-align: center; width: 2%">&bull;</td>
    <td style="font-family: Arial, Helvetica, Sans-Serif; width: 98%; text-align: left; line-height: 1.25"><b>Refer Proposal to the Client </b>&#8211; GPIM may refer the proposal to the client and obtain&#160;instructions from the client on how to vote the proxy relating to that proposal.</td></tr>
  </table>
<P STYLE="margin-left: 20pt"></p>

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  <tr style="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: center; width: 2%">&bull;</td>
    <TD STYLE="padding-left: 10pt; width: 98%; text-align: left; line-height: 1.25"><b>Obtain Client Ratification </b>&#8211; If GPIM is in a position to disclose the conflict to the client&#160;(<i>i.e.</i>, such information is not confidential), GPIM may determine how it proposes to vote&#160;the proposal on which it has a conflict, fully disclose the nature of the conflict to the client,&#160;and obtain the client&#8217;s consent for how GPIM will vote on the proposal (or otherwise&#160;obtain instructions from the client on how the proxy on the proposal should be voted).</td></tr>
  </table>
<P STYLE="margin-left: 20pt"></p>

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  <tr style="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: center; width: 2%">&bull;</td>
    <TD STYLE="padding-left: 10pt; width: 98%; text-align: left; line-height: 1.25"><b>Use an Independent Third Party for All Proposals </b>&#8211; Subject to any client imposed&#160;proxy voting policies, GPIM may vote all proposals in a proxy according to the policies of&#160;an independent third party (or to have the third party vote such proxies).</td></tr>
  </table>
<P STYLE="margin-left: 20pt"></p>

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  <tr style="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: center; width: 2%">&bull;</td>
    <TD STYLE="padding-left: 10pt; width: 98%; text-align: left; line-height: 1.25"><b>Use an Independent Third Party to Vote the Specific Proposals that Involve a</b>&#160;<b>Conflict </b>&#8211; Subject to any client imposed proxy voting policies, GPIM may use an&#160;independent third party to recommend how the proxy for specific proposals that involve a&#160;conflict should be voted (or to have the third party vote such proxies).</td></tr>
  </table>
<P STYLE="margin-left: 20pt"></p>

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  <tr style="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: center; width: 2%">&bull;</td>
    <TD STYLE="padding-left: 10pt; width: 98%; text-align: left; line-height: 1.25"><B>Abstaining</B></td></tr>
  </table>
<P STYLE="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 20pt">The method selected by the Committee to resolve
the conflict may vary from one instance to another depending upon the facts and circumstances of the situation, but in each case, consistent
with its duty of loyalty and care.</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.3. Special Situations (As Applicable)</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.1. Securities Subject to Lending Arrangements</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">For various legal or administrative reasons, GPIM
is often unable to vote securities that are, at the time of such vote, on loan pursuant to a client&#8217;s securities lending</p>

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  <tr style="vertical-align: middle">
    <td style="border-bottom: #000000 2px solid; width: 55%">&nbsp;</td>
    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">4&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>


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<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">arrangement with the client&#8217;s custodian.
GPIM will refrain from voting such securities where the cost to the client and/or administrative inconvenience of retrieving securities
then on loan outweighs the benefit of voting, assuming retrieval under such circumstances is even feasible and/or possible. In certain
extraordinary situations, GPIM may seek to have securities then on loan pursuant to such securities lending arrangements retrieved by
the clients&#8217; custodians for voting purposes. This decision will generally be made on a case-by-case basis depending on whether,
in the Committee&#8217;s judgment, the matter to be voted on has critical significance to the potential value of the securities in question,
the relative cost and/or administrative inconvenience of retrieving the securities, the significance of the holding, and whether the stock
is considered a long-term holding. There can be no guarantee that any such securities can be retrieved for such purpose.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.2. Special Issues with Voting Foreign Proxies</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">Voting proxies with respect to shares of foreign
stocks may involve significantly greater effort and corresponding cost due to the variety of regulatory schemes and corporate practices
in foreign countries with respect to proxy voting. Because the cost of voting on a particular proxy proposal could exceed the expected
benefit to a client (including an ERISA Plan), the Committee may weigh the costs and benefits of voting on proxy proposals relating to
foreign securities and make an informed decision on whether voting a given proxy proposal is prudent.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.3. Share Blocking</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">In certain countries the exercise of voting rights
could restrict the ability of an account&#8217;s portfolio manager to freely trade the security in question (&#8220;share blocking&#8221;).
The portfolio manager retains the final authority to determine whether to block the shares in the client&#8217;s account or to forego
voting the shares.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.4. Lack of Adequate Information, Untimely Receipt
of Proxy or Excessive Costs</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">GPIM may be unable to enter an informed vote in
certain circumstances due to the lack of information provided in the proxy statement or by the issuer or other resolution sponsor, and
may abstain from voting in those instances. Proxy materials not delivered in a timely manner may prevent analysis or entry of a vote by
voting deadlines. GPIM&#8217;s practice is to abstain from voting a proxy in circumstances where, in its judgment, the costs exceed the
expected benefits to the client.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.5. Formation of a Group</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">If GPIM owns shares of a public company and enters
into a written or oral agreement with one or more shareholders to vote its shares in line with such shareholder(s) or in line with company
management recommendations, several issues arise.</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: middle">
    <td style="border-bottom: #000000 2px solid; width: 55%">&nbsp;</td>
    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">5&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>



<!-- Field: Page; Sequence: 6 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&nbsp;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&nbsp;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="line-height: 1.25">&#160;</p>

<p style="line-height: 1.25"><IMG SRC="image_016.jpg" ALT=""></p>

<p style="line-height: 1.25"><br style="line-height: 1.25">
</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">First, if GPIM agrees to vote its shares at the
direction of or in line with another member of the group, or in line with management, then GPIM must consider whether its vote is in the
best long-term financial interests of its clients. If it is not, then GPIM will have a conflict of interest that it must resolve using
the procedures set out in Section 2.2.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">Second, if GPIM holds an irrevocable proxy for
the other members of the group, or has the right to designate director nominees for which the other group members must vote, GPIM will
be viewed as the beneficial owner of all of the other members&#8217; shares as well as its own shares. This will affect the number of
shares that GPIM must report on a Schedule 13D or 13G.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 18pt">2.3.6 &#160;Fixed Income Securities</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 45pt">The issuers of fixed income securities generally
do not solicit proxies. If such an issuer were to solicit a proxy, GPIM would seek to apply these proxy voting procedures in determining
how to vote the proxy. If the subject of the proxy is not covered in ISS Standard Guidelines or any other third-party guidelines GPIM
uses, and assuming that voting the proxy does not present GPIM with a material conflict of interest, GPIM may vote the proxy in a manner
it believes is in its clients&#8217; best long-term interests. If voting the proxy presents GPIM with a material conflict of interest,
it will follow the conflict resolution procedures in this policy.</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.4. Undue Influence</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">If at any time any person involved in the GPIM&#8217;s
proxy voting process is pressured or lobbied either by GPIM&#8217;s personnel or affiliates or third parties with respect to a particular
proposal, he or she should provide information regarding such activity to GPIM Compliance or Legal Departments. A determination will then
be made regarding this information, keeping in mind GPIM&#8217;s duty of loyalty and care to its clients.</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.5. Recordkeeping</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">GPIM is required to keep the following records:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">a copy of this policy;</TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">proxy statements received regarding client securities;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">records of votes cast on behalf of clients;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">records of how material conflicts were resolved;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">any documents prepared by GPIM that were material to making a decision how to vote, or that
memorialized the basis for the decision; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; line-height: 1.25; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-left: 30pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 30pt; width: 5pt"></TD><TD STYLE="padding-left: 30pt; text-align: justify">records of client requests for proxy voting information and a copy of any written response
by GPIM to any client request (regardless of whether such client request was written or oral).</TD>
</TR></TABLE>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: middle">
    <td style="border-bottom: #000000 2px solid; width: 55%">&nbsp;</td>
    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">6&#160;</td></tr>
  </table>
<p style="line-height: 1.25">&#160;</p>


<!-- Field: Page; Sequence: 7 -->
    <div style="margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&nbsp;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&nbsp;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="line-height: 1.25"><IMG SRC="image_017.jpg" ALT=""><br style="line-height: 1.25">
</p>

<p style="line-height: 1.25"><br style="line-height: 1.25">
</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">The foregoing records will be retained for such
period of time as is required to comply with applicable laws and regulations.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">GPIM may rely on proxy statements filed on the
SEC&#8217;s EDGAR system instead of keeping its own copies, and may rely on proxy statements and records of proxy votes cast by GPIM that
are maintained with a third party, such as ISS, provided that GPIM has obtained an undertaking from the third party to provide a copy
of the documents promptly upon request.</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">2.6. Disclosure</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">Rule 206(4)-6 requires GPIM to disclose in response
to any client request how the client can obtain information from GPIM on how the client&#8217;s securities were voted. GPIM will disclose
in Form ADV Part 2 that clients can obtain information on how their securities were voted by submitting a written request to GPIM. Upon
receipt of a written request from a client, GPIM Compliance Department will provide the information requested by the client within a reasonable
amount of time.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">Rule 206(4)-6 also requires GPIM to describe its
proxy voting policies and procedures to clients, and upon request, to provide clients with a copy of those policies and procedures. GPIM
will provide such a description in its Form ADV Part 2. Upon receipt of a written request from a client, GPIM Compliance Department will
provide a copy of this policy within a reasonable amount of time.</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 27pt">If approved by the client, this policy and any
requested records may be provided electronically.</p>

<p style="font-weight: bold; line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt">3. APPPENDIX A</p>

<p style="line-height: 1.25; margin-top: 12pt; margin-bottom: 12pt; margin-left: 9pt">ISS Standard Guidelines for the various relevant
local markets, including the U.S., are available upon request. In addition, the Taft-Hartley Guidelines and the Socially Responsible Investor
Guidelines are also available.</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: middle">
    <td style="border-bottom: #000000 2px solid; width: 55%">&nbsp;</td>
    <td style="border-bottom: #000000 2px solid; width: 45%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; line-height: 1.25">Confidential&#160;</td>
    <td style="text-align: right; line-height: 1.25">7&#160;</td></tr>
  </table>
<p style="line-height: 1.25"></P>

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<DOCUMENT>
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begin 644 image_010.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>image_011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_011.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>image_012.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_012.jpg
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<DOCUMENT>
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end
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<DOCUMENT>
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end
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<DOCUMENT>
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<FILENAME>image_015.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>image_016.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_016.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>image_017.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_017.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
